| span lang="EN-GB">Brazil has enough foreign | | | | covered (see the Roundtable archive: |
| reserves to pay down all the public foreign debt. This is | | | | The Opalesque Brazil Roundtable can be downloaded |
| the first time the country is in such a condition. In the | | | | here:http:// |
| last crisis in 1998, China was the only country which | | | | All other previously published Opalesque Roundtable |
| had sound fundamentals and they could maneuver | | | | Scripts can be accessed here: |
| their monetary policy to keep the country growing, | | | | About Opalesque: |
| despite the fact that all of the economies in the region | | | | In 2003, with the publication of its daily Alternative |
| were going down by 10% or 15% in GDP. Managers | | | | Market Briefing, Opalesque successfully launched an |
| believe that this time Brazil has exactly the same | | | | information revolution in the hedge fund media space: |
| characteristics. | | | | "Opalesque changed the world by bringing |
| Opalesque, the world's largest subscription-based | | | | transparency where there was opacity and by |
| publisher covering the alternative investment industry, | | | | delivering an accurate professional reporting service." - |
| has once again united leading hedge fund managers | | | | Nigel Blanchard, Culross. This hybrid financial news |
| and investors in its Brazil Roundtable, which took place | | | | service, which combines proprietary industry news |
| Oct. 22nd 2008 at the Sao Paolo office of Bulltick | | | | stories and filtered third party reports, has been |
| Brokerage, who also sponsored the event. | | | | credited by many industry insiders with delivering |
| Highlights from the Opalesque Brazil Roundtable - | | | | precise, accurate, and vital information to a notoriously |
| download here:http:// Hedge fund managers forecast | | | | guarded audience. |
| 3% or more growth in Brazil - will the money flow | | | | Each week, Opalesque publications are read by more |
| back into the country? Which strategies will benefit | | | | than 500,000 industry professionals in over 100 |
| first?l No systemic risk: banking and corporate sector | | | | countries. Opalesque is the only daily hedge fund |
| unleveraged, efficient regulation ensures banks are well | | | | publisher which is actually read by the elite managers |
| capitalizedl But: while retail lending is still completely | | | | themselves ( |
| open and set for a 10-15% growth - no bank has | | | | About Opalesque Publications: |
| reduced the credit lines and the amount of money | | | | Alternative Market Briefing is a daily newsletter on the |
| available for retail investors - corporations are in a | | | | global hedge fund industry, highly praised for its |
| classic liquidity trap with funds being locked in at the | | | | completeness and timely delivery of the most |
| bank levell Brazilian family offices and FoFs expect a | | | | important daily news for professionals dealing with |
| surge of new managers to set up shop to profit from | | | | hedge funds. Alternative Market Briefing offers both a |
| current dislocationsl The global hedge fund industry is | | | | quick overview and in-depth coverage. Subscribers |
| now a buyers' market and no longer a sellers' market. | | | | can also access the industry’s largest news |
| What does this mean for managers and investors?l | | | | archive (29,000+ articles) on hedge funds and related |
| The concept of hedge funds as "absolute return" | | | | topics. |
| vehicles or "alpha machines" has been disproved. | | | | A SQUARE is the first web publication, globally, that is |
| What is the future?l A continuation of the liquidity | | | | dedicated exclusively to alternative investments. A |
| discussion (see http:// | | | | SQUARE's weekly selections feature unique |
| The following experts participated at the Roundtable: | | | | investment opportunities that bear virtually no |
| 1. Luiz Felipe Pinheiro de Andrade, managing director of | | | | correlation to the main stream hedge fund strategies |
| UAM | | | | and/or distinguish themselves by virtue of their |
| 2. Mauricio Levi, founding partner of Fama | | | | "alternative" motive – for instance, social or |
| Investimentos | | | | behavioral strategies or those focused on natural |
| 3. Luiz Fernando Figueiredo, founding partner of Mauá | | | | resources or sustainable/environment-related investing. |
| Investimentos | | | | With its "research that reveals" approach, fast facts |
| 4. Walter Maciel, partner, Quest Investimentos | | | | and investment oriented analysis, A SQUARE offers |
| 5. Sergio Goldman, Bulltick partner and head of equity | | | | diversification and complementary ideas for private, |
| research | | | | high net-worth and institutional investors, pension funds |
| 6. Patrick de Picciotto, partner of M Square | | | | and endowments, portfolio and hedge fund managers. |
| 7. George Wachsmann - partner at multi-family office | | | | Technical Research Briefing delivers a global |
| BAWM Investments | | | | perspective/overview on all major markets, including |
| 8. Otávio de Magalhães Coutinho Vieira, Director of | | | | equity indices, fixed Income, currencies, and |
| Investments at Safdié Private Banking | | | | commodities. Opalesque Technical Research is unique |
| 9. Antonio Martin, partner at multi-family office GPS | | | | compared to most available research which is |
| Background on the Brazilian hedge fund industry: | | | | fundamental in nature and not technically (chart) |
| Latin America accounts for 8% of the world’s | | | | oriented. |
| GDP and 8.5% of the world’s population. The | | | | Sovereign Wealth Funds Briefing offers a quick and |
| majority of Latin American hedge funds are focused | | | | complete overview on the actions and issues relating |
| on Brazilian markets, where most of the assets and | | | | to Sovereign Wealth Funds, who rank now amongst |
| managers are based. | | | | the most important and observed participants in the |
| Latin America is still under-represented within the global | | | | international capital markets. |
| hedge fund industry. With an estimated US$45bn of | | | | |
| assets and 169 hedge fund managers, it represents | | | | Commodities Briefing is a free, daily publication |
| less than 2% of the total universe. However, contrary | | | | covering the global commodities markets. The |
| to most other hedge fund jurisdictions, Brazil has | | | | Opalesque Commodities Briefings follow the popular |
| developed a diverse and well regulated onshore hedge | | | | Opalesque “Briefing” format and offer a quick |
| fund industry. | | | | and complete oversight on commodities and |
| About 75% of the hedge fund assets run by Brazilian | | | | commodity-related news and research in 26 detailed |
| managers are in the multimercado funds, the onshore | | | | categories. |
| vehicles. According to GFIA, ANBID and Eurekahedge, | | | | The daily Real Estate Briefings offer a quick and |
| 87 Brazil based hedge fund firms manage 225 | | | | complete oversight on real estate, important news |
| onshore funds with $29,399m of assets. Meanwhile, 43 | | | | related to that sector as well as commentaries and |
| Brazil based hedge fund firms manage 68 offshore | | | | research in 28 detailed categories. The service can be |
| funds with $10,187 m of assets (as of end July 2008). | | | | subscribed as daily email newsletter or by RSS feed. |
| Strategy breakdown for all (on and offshore) Brazil | | | | The Opalesque Roundtable Series unites some of the |
| funds, as of August 2008 in % of assets:l Macro | | | | leading hedge fund managers and their investors from |
| multistrategy: 50.4%l Long-short equities: 23.0%l | | | | specific global hedge fund centers, sharing unique |
| Event-driven: 14.7%l Fixed income: 9.5%l Relative value: | | | | insights on the specific idiosyncrasies and |
| 1.7%l Others: 0.7% | | | | developments as well as issues and advantages of |
| Transparency and Regulation: | | | | their jurisdiction. Matthias Knab, Director of Opalesque |
| Brazil's hedge industry was really started by the mutual | | | | Ltd, moderates the Opalesque Roundtables. Matthias |
| funds industry, which means that a very transparent | | | | Knab is an internationally recognized expert on hedge |
| and regulated industry has been created. Many funds | | | | funds and alternatives. |
| publish the NAV on a daily basis. | | | | Through the series, hedge fund investors looking for |
| The purpose of the Opalesque Roundtable Series is to | | | | new talent, a hedge fund interested in diversifying its |
| provide a catalogue of intelligence on the world's most | | | | investor base, or service providers looking for new |
| important hedge fund centres and introduce some of | | | | clients will all get to know some of the leaders in each |
| the relevant local players of each jurisdiction. New | | | | hedge fund center and will find invaluable information |
| York, London, Geneva, Stockholm, Moscow, Singapore, | | | | and intelligence without any travel involved. |
| Hong Kong, Tokyo, Sydney, and Auckland are already | | | | |