Brazil’s Largest Hedge Fund Warns Of Calm Before The Storm

Verde Asset Management SA, Brazil’s largest hedge fund, managed by Luis Stuhlberger, added 1.89% during July bringing year-to-date returns to 4.53%, below the 6.5% that Brazil’s benchmark CDI interbank interest rate has returned over the same period, and is sticking to his ultra-bearish views, that’s according to the fund’s July letter to investors, a copy of which has been reviewed by ValueWalk. [dalio] According to the letter, during July the fund profited from equity positions as well as its long euro position. However, it also suffered losses from its Renminbi short, as the US dollar continued to weaken. Stuhlberger Dives Into…