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Brazil Hedge Fund That Trounced Peers is Retrenching Before Vote

(Bloomberg) A Brazil hedge-fund manager who beat 98 percent of peers over the past five years is putting on the brakes ahead of next month’s presidential election. Carlos Woelz, the co-founder of Kapitalo Investimentos, says that while companies are in a much better position than they were a few years ago after deleveraging and rebuilding their balance sheets, there’s just too much going against Brazil now to be bullish. Namely, the elections and a global growth cycle that he says is coming to an end.

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