World

Major Brazil funds hit by market rout as scandal threatens Temer

By Bruno Federowski and Guillermo Parra-Bernal
Traders work at Mirae Securities in Sao Paulo, Brazil, May 18, 2017. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - Several Brazilian hedge funds suffered their worst one-day losses in at least a decade on Thursday after Brazil's financial markets were slammed by a corruption scandal threatening to topple President Michel Temer and his reform agenda.

High-risk Alaska Black lost 28.02 percent on Thursday, after turning in the top performance among Brazilian hedge funds tracked by Reuters in 2016 with a 129 percent return.

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