In April, stock markets in Latin America re-bounded in tandem with the rest of the world, with Brazil's Bovespa Index up 11.3% and the MSCI Latin America Index rising 9.3%. Standard & Poor's upgrade of Brazil's sovereign debt rating - to investment grade - also gave investors more confidence in the region.
Equity long/short funds focusing on this region had a less spectacular month. The Absolute Return Latin America Equity Index gained 0.53% in April, putting it at a loss of 0.8% for the year. By comparison, the Absolute Return Global Equity Index gained 2.43% for the month but