Skip to content

Brazil Election Trade Is Too Murky for $5.7 Billion Hedge Fund

  • Visibility on Lula, Bolsonaro plans should remain low: Ibiuna
  • Money manager betting on higher rates across developed nations
Rodrigo Azevedo
Rodrigo AzevedoSource: Ibiuna Investimentos

Ibiuna Investimentos, one of Brazil’s largest independent hedge fund managers, is staying “defensive and cautious” when it comes to positioning ahead of Brazil’s general elections in October. 

The Sao Paulo-based firm, founded in 2010 by two former central bank directors, is keeping a reduced exposure to local assets on persistent uncertainty over the future of Brazil’s economic and fiscal policies beyond this year. Neither former President Luiz Inacio Lula da Silva, who leads polls, or incumbent Jair Bolsonaro are likely to say much about their plans before the October vote, according to founding partner Rodrigo Azevedo.