In other news, Itau Unibanco Holding SA (ADR) (NYSE:ITUB) and Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) are up 6% and 2%, respectively, as investors become more optimistic on Brazil’s macroeconomic future after the country’s legislative branch launched impeachment proceedings against Brazilian President Dilma Rousseff. Due to a combination of weak commodity prices, a struggling Chinese economy, and normalizing U.S. interest rates, Brazil’s economy is in its worst economic slump since the Great Depression. Any sort of political change that might lead to more growth orientated policies would be welcome news for investors. Additionally, look for Petrobras shares to remain volatile as OPEC meets on Friday. A meaningful cut in production will send shares surging while the status quo might send shares lower.
According to our data, 18 elite funds were long Itau Unibanco Holding SA (ADR) (NYSE:ITUB) at the end of September while 24 funds were long Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) at the end of the third quarter.