Key Takeaways
- • Brazilian hedge funds Legacy Capital, Vista Capital and Ace Capital generated substantial gains by positioning for Flávio Bolsonaro to outperform President Lula in the first round of Brazil's presidential election.
- • Vista Capital's Multiestrategia fund gained 17% on October 5, the day of the first-round vote.
- • Bloomberg reports the managers that profited from the vote are now positioning for further gains.
Summary
Brazilian hedge funds Legacy Capital, Vista Capital and Ace Capital generated substantial gains after positioning for Flávio Bolsonaro to outperform President Lula in the first round of Brazil's presidential election. According to the report, Vista Capital's Multiestrategia fund gained 17% on October 5. The source also reported a gain for Legacy Capital, though the figure is not available in the available text.
Bloomberg's coverage, headlined "Hedge Funds That Won Big on Brazil Vote Bet on More Gains," indicates that the managers that profited from the vote are now positioning for further upside. The available material does not provide details on the specific trades, fund sizes or the managers' current exposures.
Bloomberg's coverage, headlined "Hedge Funds That Won Big on Brazil Vote Bet on More Gains," indicates that the managers that profited from the vote are now positioning for further upside. The available material does not provide details on the specific trades, fund sizes or the managers' current exposures.
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