WEST PALM BEACH, FL (HEDGECO.NET) – Arminio Fraga launched his fund in August last year. The Gavea Brasil FIF hedge fund is among the 87 hedge funds tracked by Bloomberg, and his fund posted a 5.1%return for the 1st quarter, according to published reports.
Fraga was formerly the president of the Brazilian Central Bank, and at one time was managing a portfolio for billionaire George Soros. Fraga spent six years managing funds for Soros, he joined the Brazilian Central Bank in 1999, and he was credited for helping to stabilize the plummeting Brazillian Reais through a series of interest rate adjustments.
Fraga has actually bucked the trend because the Brazillian Bovespa average has fallen by 2.8% so far in 2004, although it almost doubled in value during the 2003 investment period.
Luiz Carlos Mendonca de Barros, a former communications minister and president of Brazil’s state development bank, commenting on the challenges for the Brazilian stock market said, �this year has been a sterner test for all of us.� Luiz is the manager of a private partnership for institutions and wealthy individuals, the Quest I FIF hedge fund and manages about US$21 million of investor assets.
Another manager, Pedro Carneiro, fund manager for the Directional FIF fund founded in 2001, commenting on his fund�s performance said, �We made some good choices and we’re pleased with how we’ve done.� According to published reports, Pedro Carneiro was the best performing asset manager in the quarter, with a 10 percent return.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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