Brazilian momentum shows no sign of slowing

BRAZIL

As Brazilian voters headed to the polls over the weekend, Latin American fund managers say the momentum building in the region's most powerful nation shows no sign of slowing.

GDP growth is expected to hit 8% this year alone and while the country is still viewed in the context of commodities, managers attribute much of this rise to a marked increase in the domestic growth story. "It would be wrong to view the region purely as a play on the world's thirst for raw materials," said Devan Kaloo, co-manager of the new Aberdeen Latin American Income fund, said. "There is a strong momentum in domestic spending from private and public sector investment as well as consumer spending," he added. Sebastian Luparia, manager of J.P. Morgan's Brazil investment trust, l...