(Reuters) Two funds managed by Gávea Investimentos Ltda, the hedge fund run by former Brazilian central bank President Arminio Fraga, posted heavy losses in March as bets on declining prices for financial assets in Asia and Brazil soured.
Money managers at the Rio de Janeiro-based firm said in an investor letter that a strong global market rally led investors to pour more of their money into riskier assets last month. A weaker U.S. dollar hampered some of Gávea’s bets, including so-called short-positions in currencies and equities in Brazil and Asian counterparts.
