Brazilian state oil company Petrobras dragged down the performance of Brazil last year to make it one of the world's worst performing markets, says BlackRock's Will Landers.
The head of Latin American equities and manager of the £374m Latin American investment trust says the oil giant's $70bn share issue last September - the largest ever - was the main reason the Brazilian market fell. The mammoth share offering caused a widespread sell-off by Brazilian equity market investors as they piled into Petrobras, making it the weakest market in Latin America. Landers says although the trust was overweight Brazil the entire year, but still managed to beat its benchmark, delivering around 25% versus the MSCI Latin America index's 17%. The reason for this outper...
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