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The increase in Brazil's rating promoted by Moody’s is good “on the margin” for the Brazilian market, he told Money Times the manager and partner of Finacap Investimentos, Felipe Moura.
He says he does not see an immediate impact because, in part, the improvement in the assessment is behind what economists have been noticing about the performance of the Brazilian economy.
“For foreign investors it takes more, because there are institutions that look at emerging based on a certain level of assessment by the agencies,” he said. “There could be a positive flow at the margin.”
Finacap sees the Selic being adjusted in an end-of-cycle dynamic and states that the rise in the dollar was “very decisive” for the prospects for interest rates due to the inflationary effect.
The manager works with the prospect of a “soft landing” for the United States economy. “But the problem with a crisis is that it usually comes from a place you can’t see”, ponders Moura.
He says that in the last two years the house's stock fund had almost 50% in commodities, but the position was reduced and today the portfolio is divided into commodities, consumption and utilities – each with a weight of 1/3.
Still in commodities, Moura mentioned Petrobras (PETR4), Vale (VALE3) and Gerdau (GGBR4), which would be companies that generate a lot of cash and pay strong dividends.
In consumption, he spoke of Renner (LREN3) as a company that is beginning to recover margins and emerges stronger from the cycle that penalized many retail companies. “In every crisis, Renner wins market share“, these.
Moura also mentioned MRV (MRVE3) and Eletrobras (ELET3) – he sees the work in post-privatization electricity being done “little by little”, despite the absence of triggers in the sector.