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Stock impact report

UPDATE 2-Brazilian fund skirts disaster after Argentina rout [Reuters]

Cresud S.A.C.I.F. y A. - American Depositary Shares, each representing ten shares of (CRESY) 
US:NASDAQ Investor Relations: cresud.com.ar/?language=en
Company Research Source: Reuters
Argentina market rout pummels Brazilian hedge fund - Reuters 3 Min Read NEW YORK (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 ( CRESY.O )( CRES.BA ), stocks that fell on Monday 38% and 25%, respectively. U.S.-traded shares of electricity distributor Edenor ( EDN.N ), 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 Newfoun Show less Read more
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