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Hedge fund Legacy turns attention from real to peso

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After profiting from a recent rally in the value of Brazil’s real, hedge fund Legacy Capital is now betting on an uplift in the Mexican peso, according to a report by Bloomberg.

The report quotes a client note as revealing that the USD4.3 billion Sao Paulo-based manager has opened a long position on the peso versus the US dollar, while also shorting the benchmark S&P/BMV IPC stock index. 

A similar combined position on the Brazilian real and stocks has already seen Legacy Capital rack up big gains this year with the firm’s flagship fund posting a record 5 per cent uplift in March.

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