Rio de Janeiro-based hedge fund manager Adam’s flagship fund suffered it’s biggest monthly loss on record in April, according to a report by Bloomberg.
Rio de Janeiro-based hedge fund manager Adam’s flagship fund suffered it’s biggest monthly loss on record in April, according to a report by Bloomberg.
The Adam Macro II FIC fund, which launched in 2016, was down 7.3% for the month compared to a 1.4% gain for a basket of local peers and a 0.8% uplift for the CDI industry benchmark.
In a monthly note to investors, founder and veteran investor Marcio Appel wrote: “Our portfolio suffered with the magnitude of the correction, as well as the loss of correlation between some asset classes. A reduction in some positions was needed.”
