Oct
27
In Brazil, `Wait, See and Pray’ Is Mantra for Top Pension Fund
By-
Funcesp expects to miss return targets this year and next
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Selloff hasn’t created much in the way of buying opportunities
Brazil’s largest private pension fund is running out of investment options.
Battered by a tumble in local bonds, anemic stock performance and few prospects for a recovery anytime soon, the $6 billion Fundacao Cesp will miss its return target for the third consecutive year in 2015. Prospects for 2016 aren’t much better, according to fund President Martin Glogowsky, as the country endures its longest recession since the Great Depression, the fastest inflation in 12 years and the highest interest rates since 2006…
In Brazil, `Wait, See and Pray’ Is Mantra for Top Pension Fund
