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Turmoil leads asset managers to reduce exposure in Brazil

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Amid an increasingly turbulent environment in Brazil, asset managers have decided to reduce or even eliminate their exposure to the local market in recent weeks. Even opportunities to bet on assets considered cheap or with a high premium end up being viewed with suspicion given the scenario of increasing risks and lack of predictability. "The local market is pricing high uncertainty. Either on the fiscal situation, due to the lack of credibility in the resumption of a sustainable trajectory of debt, or on the political side, with the lack of visibility for the upcoming elections," Marcos Mollica, manager of Opportunity Total, says. For him, this point was aggravated by the...

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