JP Morgan launches a closed-end fund focuses in Brazil. This is the first London-listed vehicle to focus solely on Brazil. In fact, Brazil is the last BRIC to have his dedicated fund. Over the past 17 years, the same stable has launched dedicated funds invested in China, India and Russia.
“The specific attraction of JP Morgan Brazil is its ability to pick from among 200 high-growth mid and small-cap companies that are poorly represented in stock market indices. These range from Totvs, a developer of accounting software for smaller businesses to Lojas Renner, the department store operator spun out from America’s JC Penney. The fund plans to hold between 25 and 50 stocks in all, including companies undergoing restructuring, and, in some cases, private equity”, says the Times Online.