Argentina market rout pummels Brazilian hedge fund [Reuters (UK)]
Cresud S.A.C.I.F. y A. - American Depositary Shares, each representing ten shares of (CRESY)
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Source: Reuters
Argentina market rout pummels Brazilian hedge fund - Reuters 3 Min Read NEW YORK, Aug 13 (Reuters) - A Brazilian hedge fund was among the casualties of Monday’s market rout on Argentine assets, with at least 75 percent of its equity exposure suffering losses between 25% and 59%. Newfoundland Capital Management, based in Sao Paulo, was hit with a loss on paper of around $55 million, as its bets on four Argentine companies in agribusiness, natural gas, energy distribution and telecommunications imploded. According to regulatory filings, just over 50% of Newfoundland’s portfolio is split in New York- and Buenos Aires-traded shares of agribusiness Cresud, stocks that fell on Monday 38% and 25%, respectively. U.S.-traded shares of electricity distributor Edenor , which plummeted 59% on Monday, amount to over 16% of Newfoundland’s portfolio. The one-day paper losses in those two companies alone amount to nearly $50 million. The remaining loss comes from Newfoundland’s exposure to Telecom Ar
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- CRESUD S.A.C.I.F. y A. announces its results for the second quarter of Fiscal Year 2024 ended December 31, 2023PR Newswire
CRESY
Sec Filings
- 4/19/24 - Form 6-K
- 4/10/24 - Form 6-K
- 3/22/24 - Form 6-K
- CRESY's page on the SEC website