Brazil Hedge Funds Flock to Gold as Global Turmoil Rocks Markets
- SPX builds long position in precious metals, especially gold
- Traders brace for higher inflation amid geopolitical turmoil
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Brazil’s best-known independent hedge funds had to adjust their portfolios after Russia’s invasion of Ukraine rattled financial markets even as local assets are spared from most of the rout.
Legacy Capital said its flagship fund was planning on boosting a position in gold, as sanctions imposed by the U.S. and other countries on Russia are expected to have significant effects on asset allocation in the longer run. SPX Capital scooped up precious metals and Kapitalo Investimentos closed its bet against gold.