The management team on the Standard Life Investments Global Absolute Return Strategies vehicle has implemented a new strategy to express the view Brazilian equities are overrated versus emerging market peers, while also making other changes to the portfolio to start the new year.
The team on the £25.8bn fund, led by head of multi-asset Guy Stern (pictured), has introduced a new trade on emerging markets versus Brazilian equities. Brazilian funds were among the top performers during 2016, with the Brazilian Bovespa index returning 65% over one year; the BNY Mellon Brazil Equity fund is up 91% over the year to 16 January, while the HSBC GIF Brazil Equity has returned 89% over the year. In a monthly update, the GARS team said: "We introduced an emerging markets vs Brazilian equity strategy into the portfolio, a position which expresses our expectation that Brazi...
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