Brazil Funds Boost Inflation Breakeven Bets on Policy Concerns [BNN Bloomberg (Canada)]
Mexico Fund, Inc. (The) (MXF)
US:NYSE Investor Relations:
themexicofund.com
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Source: BNN Bloomberg
The central bank's May vote generated “more doubts than certainties” about its adherence to the inflation target, Absolute Investimentos said in a note to clients. The firm, which oversees 39 billion reais ($7.3 billion) in assets, built a position that benefits from rising breakeven inflation rates. Bahia Asset Management is another fund betting on higher breakevens as Brazil's core inflation of underlying services “continues to run at levels incompatible with the target.” Ibiuna Investimentos and Vinland Capital have made similar moves. Two-year inflation implied on Brazil's bonds rose 25 basis-points in May and is currently at 4.7% from 4.2% at the start of the year, according to data compiled by Bloomberg. An index that tracks the performance of Brazil's hedge funds rose 0.3% in May, rebounding from its worst month since November 2022. The benchmark CDI overnight rate gained 0.8% in the same span Absolute Investimentos Absolute has a bullish bet on US equities, the main
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