Deals
Credit Suisse-Backed Hedge Fund Regrets Buying the Dip Too Soon
- Brazil’s Verde fund poised for worst month since 1997
- Manager says in letter it underestimated coronavirus impact
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Verde Asset Management, Brazil’s biggest independent hedge fund manager, told shareholders it was wrong to start bargain hunting so soon after markets plunged.
“Analyzing our recent decision-making process, we made an important mistake: we started buying too early,” Verde said Friday in a letter to clients. Earlier this month, the fund said it was gradually boosting positions in equities, focusing on the U.S. stock market.