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Article: Contrarian bets on oil and steel FUNDSMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- January 18, 2007
- Author:
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Alexander Ragir
International Herald Tribune
01-18-2007
Milton Milioni, manager of the best-performing fund in Latin America in 2006, plans to keep almost half the fund's assets in oil and steel stocks in 2007 even as crude and metals prices retreat from their peaks of mid-2006. A London Stock Exchange index of six primary metals has fallen 16 percent from its high on May 11, and crude oil has dropped 34 percent from a July 14 peak to a 19-month low. Milioni's fund, Geracao FIA, which controls assets worth $94.8 million, earned an 88 percent return last year, double that of Brazil's benchmark index, the Bovespa. Milioni said that he would hold on to the fund's eight Brazilian stocks, which ...