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.

Read Complete Article

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.