(Bloomberg) Investors looking to jump into one of the world’s best performing markets should put their money into Brazil stocks or local rates and stay far away from the currency, according to one of the best performing funds in the country. Rodrigo Azevedo, a founding partner at Ibiuna Asset Management, which manages 6.6 billion reais ($1.8 billion), says the real is a bad bet amid rising interest rates in the U.S. and a stronger dollar globally. Stocks and the local interest rate curve offer better returns, he said, and even if they are all denominated in reais, outsize gains in those asset classes will compensate for lackluster currency performance.
Hedge Fund Says Pick Anything But the Real to Benefit From Brazil’s Rally
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