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Fernanda Mello, partner and equity fund manager, has left Mauá. Management, previously shared between 3 managers, will now be concentrated in the hands of the partner responsible for the area, Mauro Rodrigues da Cunha. The team continues to be formed by Carlos Parga Nina (also a partner), Patrick Conrad, Alissa Prince and Marina Fernandes (equity research analysts), Ricardo Mendonça (trader), Tatiane Caobianco (trainee) and Eduardo Souza (intern).

In the mean time, Mauá Brasil Fund was down 8.10% (-6.20% YTD) and Mauá Brasil Plus down 14.64% in March (-11.70% YTD). “… The (current) environment should be relatively neutral for Brazilian assets, since the possible correction in commodity prices should be compensated by a somewhat better mood coming out of the U.S. Mauá’s report states. In terms of fundamentals of the Brazilian economy, we continue to forecast strong GDP growth, continued surpluses in the external accounts – albeit with lower trade surpluses, due to the strong growth in imports to meet domestic demand – and inflation close to the 4.5% target stipulated by the Central Bank.

Regarding economic growth, the impact of the U.S. recession on domestic growth should be compensated by domestic demand, although we can see some slowdown in exports and investments as a result of the downturn in external conditions. We forecast a mild deceleration in GDP growth in 2008 to 4.6 from 5.4 last year.” MAUÁ INVESTIMENTOS, +55 11 2102-0740, www.mauafund.com.

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