Top Hedge Fund in Brazil Bolsters Local Stocks Bet on Rebound
- Vaccine progress to pave way for strong recovery, Verde says
- Stock picks include Equatorial Energia, Natura, Suzano, Klabin
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One of the top performing hedge funds in Brazil has boosted its bet on local stocks, in a sign of growing confidence in the country’s post-pandemic rebound.
The CSHG Verde FIC FIM fund that returned an average 24% a year over the past two decades is wagering Latin America’s largest economy will start moving on from the virus downturn. The fund cut back on foreign holdings and now has over 25% of its portfolio allocated to Brazilian equities, one of the highest percentages over the past eight years, said Pedro Sales, a partner at Verde Asset Management who’s responsible for handling local stock investments.