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The only managers to make money in Brazil over past 3 years revealed

The only managers to make money in Brazil over past 3 years revealed

The Brazilian economy is having a tough year as it faces the fallout of corruption scandals and the possibility of a recession, however three Brazilian-based manager teams are still defying the odds and delivering the goods.

Corruption at the state-run oil company Petrobras, along with a number of defaults of companies like Brazilian commodity trader Ceagro Agricola and high interest rates continue to challenge managers managing funds in the Brazilian equity sector.

Of the 148 managers with a three year track record till the end of May in Brazilian equities, only three manager teams with Brazil-domiciled funds have managed to make positive returns over that period.

These names outshine the best performing Ucits fund on the list, the managed by Citywire AA-- rated Jose Zitelmann which lost 1.29% in the three year period to the end of May 2015.

The average manager in this group lost 33.6% over the same three year period. All returns all calculated in USD.

3. Carlos Eduardo Rocha, Brasil Plural

Funds: Brasil Plural FIA, Brasil Plural Long & Short Plus, and Brasil Plural FICFIA

Three-year total return (June 2012- 31 May 2015): 0.76%

Sitting in third place is Citywire AA-rated Carlos Eduardo Rocha, who manages three Brasil Plural funds and has returned 0.76% across those funds over the past three years.

He started managing his first fund in 2010. The Brasil Plural Long & Short fund was recently launched in October 2014 with an objective to compose a portfolio of companies that have the potential to outperform the interbank overnight rate, CDI. It has a total of $14 million in assets so far.

2. Lucas Bielawski and Bruno Levacov, Atmos Capital 

Funds: Atmos SOL FICFIA, Atmos Master FIAAtmos Institucional FIA, ATM FICFIA, and Atmos Institutional Master FIA

Three year total return (June 2012- 31 May 2015): 8.65%

Coming in second over the three-year analysis period are the Citywire AAA-rated duo Lucas Bielawski and Bruno Levacov, managers of five funds, who returned 8.7% over the same period.

The two founded Atmos Capital in 2009 and their largest fund to date is the Atmos Master FIA with $442 million invested.

1. Luiz Henrique Guerra and Daniel Reichstul, Indie Capital

Funds: Indie Logos FICFIA, Indie Master FIA, Indie FICFIA, and Indie Institucional FICFIA

Three year total return (June 2012- 31 May 2015): 15.7%

Sitting on top of the list are AAA-rated Luiz Henrique Guerra and Daniel Reichstul, who together mange four funds with returns of 15.7% in US dollars.

Their top performing and largest fund is the $113 million Indie Master FIA fund. Its largest holding is in Brazilian bank Itaú Unibanco, which accounts for 12.1% of the fund, followed by a 5% holding in sugar, energy and foods producer Cosan.

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Related Fund Managers

Jose Zitelmann
Jose Zitelmann
120/174 in Equity - Brazil (Performance over 3 years) Average Total Return: 42.25%
Carlos Eduardo Rocha
Carlos Eduardo Rocha
124/174 in Equity - Brazil (Performance over 3 years) Average Total Return: 40.92%
Lucas Bielawski
Lucas Bielawski
77/174 in Equity - Brazil (Performance over 3 years) Average Total Return: 58.71%
Bruno Levacov
Bruno Levacov
76/174 in Equity - Brazil (Performance over 3 years) Average Total Return: 58.71%
Luiz Henrique Guerra
Luiz Henrique Guerra
39/174 in Equity - Brazil (Performance over 3 years) Average Total Return: 78.67%
Daniel Reichstul
Daniel Reichstul
38/174 in Equity - Brazil (Performance over 3 years) Average Total Return: 78.67%
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