Friday, 4 September 2015
Last updated 8 hours ago
Nov 13 2008 | 12:23pm ET
Brazilian hedge funds experienced record outflows last month, to the tune of US$6.7 billion. Investors were spooked because their managers’ returns trailed a fixed-income benchmark while beating the Bovespa stock index, which dropped 25%.
The redemptions brought total outflows this year to 48.9 billion reais (US$21 billion), Bloomberg News reports, citing data released by the National Association of Investment Banks.
Investors withdrew money because they compare performance against fixed-income indexes, said Luiz Felipe Andrade, a director at the association. Bond yields in Brazil are among the highest in the world.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…