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Opalesque Exclusive: LatAm special sits fund up 0.02% in July (2.4% YTD) as decoupling story starts to fade From the Opalesque team: The Copernico Special Situations Fund was up 0.02% in July, bringing the YTD return to 2.40%. Total return since inception (August 06) is 22.02% or 10.46% on an annualized basis.

In the fund's monthly report sent to Opalesque, the fund manager comments: “… July was the month when the decoupling story started to fade. A developing recession in the developed world alleviates inflationary pressures through lower commodities prices and supports a soft landing scenario for EM, where healthy domestic finances and infrastructure spending offer several safety nets to a hard landing. The abatement of inflationary pressures could trigger though a correction on EM currencies that appreciated (BRL, MXN) strongly in anticipation of a hawkish reaction by local central banks.” infocopernico@copernico.com.uy.

Opalesque Exclusive: Copernico`s Argentina fund suffers from the country`s changes in tax legislation and economic deterioration From the Opalesque team: The Fund lost 2.12% in July and is down 0.99% for the year. July’s return would have been closer to 1% if it weren’t for the negative impact of the latest changes in Argentina’s tax legislation. The fund has returned 134.57% since its February 2003 inception. The Merval Index and the EMBI+ Argentina are 11% and 16% down, res......................

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