Pursuits
Best Chile Stock Picker Buys Cencosud, Shorts Falabella
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Chile’s top stock picker this year is buying Cencosud SA and selling its peer SACI Falabella on a bet the retailers’ valuations will converge.
Rodrigo Rojas, who manages the $10 million Chile Accion fund for Celfin Capital SA, is wagering that Cencosud, the country’s largest retailer by sales, is due to rally after dropping 8.1 percent this year and that Falabella’s 14 percent increase may be excessive. His fund has gained 10.5 percent in 2012, the most among Chile-based mutual funds that invest in local stocks, according to data compiled by Bloomberg.