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Alternative Market Briefing

Some Brazil hedge funds are doing fine

Wednesday, August 15, 2012

Benedicte Gravrand, Opalesque Geneva:

As the slowing down Brazilian economy may be starting a recovery, and as its equity market recently leaped up, Brazil-focused hedge funds are following suit.

Claritas’ Brazil hedge funds, for one, are doing very well. The firm’s long/short market neutral fund is up 0.46% MTD (as at 8th August, 2012), 3.69% YTD (96% since Dec-01 inception). The equity arbitrage fund is up 0.88% MTD, 12.13% YTD (11.5% since Feb-10 inception). The macro fund is up 1.64% and 8.10% YTD (220% since Aug-02 inception). And the fund of funds gained 0.11% and 3.32% YTD (21% since Aug-08). The only fund that is down YTD is the Class Brazil Equities (-4.66% YTD). Comparatively, the Ibovespa (USD) is up 6.26% MTD and -3.89% YTD.

Brazilian fund manager Claritas was partly acquired by US-based asset and pension fund manager Principal Financial Group, which last month told the Financial Times they were looking to expand in Latin America through further acquisition. According to the paper, Principal’s interest comes as multinationals are increasing direct investment in Brazil in spite of a slowdown in economic growth in Latin America’s largest market.

The Blue Marlin FIC FIA, managed by Rio de Janeiro-based Marlin Investimentos, is another Brazil-focused fund that did......................

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