One of Brazil’s most successful hedge-fund managers sees riches in the Ibovespa.
Marcio Appel, a 45-year-old money manager whose main fund topped 89 percent of its peers in the past year, is betting on Brazil’s benchmark stock index to double over the next 12 months. He has already raised 23 billion reais ($7 billion) in assets for Rio de Janeiro-based Adam Capital, the firm he co-founded in 2016, and expects that figure to reach about 40 billion reais by the end of 2018. That could make his company the biggest independent hedge-fund operator in Latin America.