作者:admin 日期:2023-12-13 15:08:46 浏览:52 分类:资讯
巴西最大的对冲基金之一正大举押注巴西利率将在2024年大幅下降,原因是通胀数据温和,而且交易员已经消化了美国降息的预期。
管理着55亿美元(270亿巴西雷亚尔)资产的Legacy Capital Gestora de Recursos Ltda创始人兼首席经济学家Pedro Jobim表示,巴西央行可能会在周三放弃将降息速度保持在50个基点的指导方针,为2024年初更快的降息留出空间。
“通胀略高于目标,但表现非常好,与一个月前相比,全球各地的其他央行的立场完全不同,”Jobim在接受采访时表示。
Legacy对巴西利率的看法比市场目前的定价更为乐观。交易员目前押注到2024年底,巴西基准利率(Selic)将降至9.75%左右,而巴西央行每周经济学家调查预估为9.25%。目前巴西利率为12.25%,市场普遍预计周三将再下调50个基点,这将是连续第四次降息。
曾在桑坦德银行与央行行长Roberto Campos Neto共事的Jobim表示,政策制定者甚至不需要明确提及更大幅度降息的可能性——措辞上的小幅调整就会引发有关加快降息步伐的讨论。
Legacy的基本预测是,美国经济将软着陆,巴西经济活动将放缓。Jobim认为,巴西国内信贷形势可能面临更具挑战性的风险,这可能影响企业和个人的违约率,后者的“杠杆率很高”。
“限制性货币政策的效果尚未完全显现,但我们应该在2024年全年看到。而如果巴西或其他国家出现衰退,明年第三季度的Selic可能会降至8.5%以下,”Jobim称。
Jobim表示,Legacy最大的头寸是押注巴西未来几个月的名义利率和实际利率都将下降,并补充道,其还有增加押注的空间。该基金还持有从美国、欧洲和墨西哥利率下调中获利的头寸。其主要押注仍在巴西,其对冲基金在巴西有着80%的投资组合风险敞口。
巴西股市
投资组合经理Patrick Pereira在另一次采访中表示,对Selic下调的预期也是Legacy押注巴西股市的一个主要原因,在目前的高利率水平下,巴西股市对国内投资者没有太大吸引力。但随着利率呈下降趋势,当地人应该会重返股市,使其不那么容易受到外国投资者情绪波动的影响。
根据这位投资组合经理的说法,价格和当前实际利率之间的“不对称”导致了银行Banco do Brasil SA、汽车租赁公司Localiza、零售商Arezzo和Soma,以及公用事业公司Equatorial Energia等股票有吸引力的估值。
“市场应该在未来6到12个月内纠正这些不对称,”他补充道,并预测未来一年将类似于轰动性的2019年,当时该指数上涨逾30%,而Selic降至4.5%。
Pereira表示,Legacy在大约两个月前结束了对石油巨头巴西国家石油公司(Petroleo Brasileiro SA)为期两年的押注,他表示,该股市盈率已不再具有吸引力。巴西国家石油公司的优先股今年累计上涨约40%,原因是投资者看到了良好的治理和低于预期的政府干预。
截至11月,Legacy的旗舰基金今年迄今的回报率为5.7%,而同期CDI基准利率的回报率为12%。Jobim表示,Legacy决定于12月4日向新资金开放基金,他拒绝透露该公司寻求筹集多少资金。由于高利率促使投资者转向固定收益产品,巴西对冲基金行业今年遭遇了高达200亿美元的撤资。
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