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Brazil’s Top Hedge Fund Says Real Rally Almost Over

Bloomberg – Most of the gains in Brazil’s currency and interest-rate futures markets this year are over, said Beny Parnes, chief strategist at BBM Gestao de Recursos Ltda., manager of Brazil’s top-performing hedge fund.

BBM pared back leveraged bets that yields on rate futures will fall and the real will strengthen after its Bahia 1 Fundo Investimento Multimercado jumped 86 percent this year, said Parnes. Bahia 1 has outperformed all 683 Brazilian hedge funds that manage more than 100 million reais ($53 million) as the central bank slashed the benchmark rate five times and the real surged 22 percent against the dollar.

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