Month: February 2016

' ' Perhaps with the shareholding market improving, deep ' macro' they start to relieve more than long/shorts, but they are an alternative of diversificao' ' , she says. Looking at the period of one year and way, the deep multimarkets until they do not go so badly, Marcelo D&#039 says; August, partner of the site Richness. At Wells Fargo you will find additional information. It remembers that many managers if had specialized in deep of low volatileness, as Pactual Asset Management and Neo Investments. This strategy, in a market tumultuated as of the year passed to here, attracted the investors and became these deep greaters of the market. Added, deep the High Yield and Hedge of the Pactual add R$ 5 billion more than, with volatileness of 0,83% and 1,45% to the year, respectively. For comparison effect, the CDI has a 0,08% volatileness, Ibovespa of 31,97% and the dollar of 10,40%. ' ' This sample that these deep ones have a very small position in asset of risco' ' , D&#039 says; August. In compensation, of December of 2003 the June of this year, the High Yield accumulates 27,26% return and the Hedge, 27.78%, for a CDI of 26,75%.Olhando great the deep ones that are not under management of great banks, D' August detaches the Green, of the Hedging Griffo, with patrimony of R 1,390 billion, yield of 26,31% in the period and a volatileness of 7,15%.

The CS Absolut, of Credit Suisse, with volatileness of 7,15% and yield of 44,28% in 18 months, has patrimony of R$ 964 million. Between independent, managing the news they had also had greater captation in this year, case of the Mau Asset Management.D' August separated 52 deep multimarkets with bigger volatileness, that congregate R$ 8,990 billion, including Hedging Griffo, CSFB, Topsail, JGP and Clritas. With low volatileness it has 15 deep with patrimony of R$ 8,488 billion, what it shows preference of the investor for the lesser risk.

The March data confirm that, as we were anticipating, the summer is over and now gives way to the beginning of a bleak autumn. The deposit rates offered for deposits over one million dollars showed an increase of 56 basis points over the month, after hitting rock bottom in the first day of the month happened. Similarly, the reference value of the dollar rose 15 cents , which accumulated 26 cents in the first quarter. While in recent days has weakened the dollar’s value growth, analysis of data from the month of March indicates the accuracy of the estimates that 2009 would be a difficult year. (Similarly see: Bill Phelan). However, it is shown that the weakness in demand for pesos and more than likely devaluation of local currency are undermining the financial system’s main function: to reallocate resources to productive sectors in need. On the other hand, the fact that interest rates show a positive trend over all days of the month is nothing more and nothing less than the quiet reflection of a drain in deposits from the private sector. Until March 20, noted a fall in current account deposits of $ 3.775 million, a drop that is notable for its magnitude.

In other words, this means that people preferred to change liquidity in dollars for some other asset of greater value. While the stock recovered $ 4.038 million between 20 and 31 March and left a slightly positive growth expected, seasonally, it is important as the first item that prompted a strong suspicion withdrawal. A very steep decline in transaction deposits and a fall in the stock deposits inevitably means a strong distrust in the value of the peso. With a longer term view, we note that the sharp slowdown in the growth of its various components is the drop in demand for pesos. The economy pesos demanded for transactions is slowly becoming an economy that does not want to see the currency issued by the BCRA, but rather seek refuge in alternative values. However, given a fall in demand for local currency, the theory would indicate that increasing interest rates could stimulate pesos tenure as long as their returns exceed the expected devaluation.

Why interest rates today do not give breaks to which we were accustomed in recent fights against the dollar? The growing stock of money hoarded by banks allows them to respond to withdrawals, although that situation could not be sustained over the medium term. Pressure is so strong that the Central has sold 2.677 million USD in the spot market, although stocks still show no drop-off by giving the other accounts of the Central Bank. Such is the strength of demand for dollars that the BCRA is beating a grim record: the sale of March 3, accounted for 29 consecutive days of sales. To try and relax this tight market Central Bank’s efforts are also reflected in the financial swap USD 10,000 million with the Central Bank of China. It is hoped that this situation deepens, should maintain the uncertainty as to local economic policy.