(Bloomberg) One of Brazil’s top-performing fund managers has increased bets on the country’s largest state-controlled lender Banco do Brasil SA and state-owned utility Cia Energetica de Minas Gerais after recent underperformance.”These stocks have been lagging behind and are cheap, also taking into account good perspectives for an improvement in fundamentals,” said Joao Braga, co-head of equities at XP Asset Management. While Brazil’s equity benchmark Ibovespa index has gained more than 6 percent this year, Banco do Brasil has advanced 2.5 percent and Cemig is down 0.6 percent.
Top Brazil Hedge Fund Doubles Down on State-Controlled Companies
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