Hedge Fund Defies Brazil’s Stock Bulls as Global Economy Slows
- Trade war brought ‘irreversible damages,’ Adam Capital says
- Flagship fund beat 96% of peers in August, when stocks slipped
A visitor views the electronic board displaying stock activity at the Brasil Bolsa Bacao stock exchange in Sao Paulo.
Photographer: Patricia Monteiro/BloombergThis article is for subscribers only.
One of Brazil’s largest independent hedge-fund managers is skeptical about the local euphoria surrounding the nation’s stock market.
“While Brazil is in early cycle, we don’t consider it will be able to untangle from the global outlook and we keep a neutral view on the local equities,” according to a monthly note to clients from Adam Capital, which manages about 26.4 billion reais ($6.3 billion).