Verde June Letter: Euphoria In Brazilian Markets Could Be Short Lived

Luis Stuhlberger Verde FIC FIM management report for the month ended June 30, 2016. From Portuguese using Google Translated.

Verde had gains mostly in their currency positions, both in the short position in the dollar against the Real, as the short position in the Chinese Renminbi (incidentally an unexpected combination for us). The stock portfolio had losses, and fixed income positions were left hand, the result of the high real interest rates in the last days of the month.

The month of June the market was the most volatile in recent years. We had weak numbers of jobs in the United States, which took the dollar strength...