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Top Brazil Hedge Funds Pull Back Ahead of Election, Fed Hike

Brazil’s main hedge funds are kicking off the year playing it safe, limiting bets on domestic markets as they brace for election jitters and global shift in monetary policy. 

Legacy Capital, which expects Brazil’s economy to contract 1% this year, says a deteriorated macro scenario and prospects for turmoil around the October presidential vote justify smaller bets in the country. Its main fund boosted positions in equities abroad in the last two weeks of December.