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Brazil hedge funds suffer losses of up to 24% following election shock
Brazilian macro hedge funds suffered losses of up to 24% in a single session after President Luiz Inácio Lula da Silva's unexpected re-election triggered a sharp reversal in equities, currencies and interest rate markets, according to a report by Bloomberg. The selloff followed weeks of strong gains driven by expectations that rival candidate Flávio Bolsonaro would secure victory and pursue tighter fiscal policies. Several prominent managers, including Vista Capital, Legacy Capital, Ace Capital and Mar Asset Management, had positioned for lower interest rates, a stronger Brazilian real and ris
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