Brazilian investor scorecard: Sitting tight

Brazilian investor scorecard: Sitting tight

Corporate & Sovereign Strategy Brazil Funds

By Ben Miller Asset managers in Brazil have had to work hard in the past two years. The central bank’s push to lower interest rates forced them to stay focused. But it also boosted the performance of the domestic fixed-income and multimercado (mixed asset) funds that played the adjustment properly. Now, improving GDP growth forecasts are lifting sentiment among managers – but a rate hike in April has complicated strategies once more. The steady decline in rates that began in 2011 was already rewarding Brazilian fixed-income fund managers a year ago. Those topping the LatinFinance 2013 Brazil asset manager scorecard ranking still say clever anticipation of rates was the key to excess retu

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