Top Brazil Hedge Fund Picks State Oil Giant as Next Big Bet

One of Brazil’s best-performing hedge funds has been scooping up the shares of state-controlled oil giant Petroleo Brasileiro SA.

Joao Braga and Marcos Peixoto, who manage 5 billion reais ($1.3 billion) at XP Asset Management, have increased their stake in Petrobras, as the company is known, making it the biggest holding of their XP Long Biased fund even as the oil producer’s rally has outpaced the benchmark.

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