Gavea’s Fraga Cool on Brazil Equity

Gavea’s Fraga Cool on Brazil Equity


There are few signs indicating unequivocally that the Brazilian equity market will recover this year, says Arminio Fraga, founding partner of Gavea Investimentos, the Rio-based asset manager. The former central banker’s cautious tone bucks the predictions of many sell side shops that are call for a bounce in Brazilian stocks. Itau Securities, for one, sees the Ibovespa rising some 75% by year-end. Asked Thursday in New York if the Bovespa could rise in 2009, Fraga suggests there is room for furt

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