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Asset managers upbeat about Ibovespa, currency

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Asset managers were more upbeat about benchmark stock index Ibovespa and the local currency after the strong performance of Brazilian assets in March, Bank of America (BofA) found.According to a survey held in March, 40% of respondents expect the Ibovespa to exceed 130,000 points at the end of the year, while 68% of them believe that the foreign exchange rate will end 2022 below R$4.80 to the dollar.The numbers are remarkably different from those of the previous month, when only 19% of the respondents projected the Ibovespa above 130,000 points, while 23% saw the exchange rate below R$4.80 to the dollar."The global backdrop of higher commodity prices is benefiting Brazil, and we recently revised our price target for Ibovespa upwards to 135,000 points to include the impact of higher earnings estimates for commodity stocks and banks," BofA’s equity strategy team for Latin America and Brazil wrote.The asset managers heard by the U.S.-based firm showed some optimism about technology and growth companies, but most still prefer "value" assets, typically found in the financial and commodities industries."While recent talks with investors have shown they are somewhat interested in growth names, the survey suggests that allocation is still mainly value-oriented." According to the bank, only 6% of the participants "believe that growth names can outperform over the next six months."The bank points out that investors’ preference is for quality, value and commodity...

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