Asset Management

' ' Perhaps with the shareholding market improving, deep ' macro' they start to relieve more than long/shorts, but they are an alternative of diversificao' ' , she says. Looking at the period of one year and way, the deep multimarkets until they do not go so badly, Marcelo D&#039 says; August, partner of the site Richness. It remembers that many managers if had specialized in deep of low volatileness, as Pactual Asset Management and Neo Investments. This strategy, in a market tumultuated as of the year passed to here, attracted the investors and became these deep greaters of the market. Added, deep the High Yield and Hedge of the Pactual add R$ 5 billion more than, with volatileness of 0,83% and 1,45% to the year, respectively. For comparison effect, the CDI has a 0,08% volatileness, Ibovespa of 31,97% and the dollar of 10,40%. ' ' This sample that these deep ones have a very small position in asset of risco' ' , D&#039 says; August. In compensation, of December of 2003 the June of this year, the High Yield accumulates 27,26% return and the Hedge, 27.78%, for a CDI of 26,75%.Olhando great the deep ones that are not under management of great banks, D' August detaches the Green, of the Hedging Griffo, with patrimony of R 1,390 billion, yield of 26,31% in the period and a volatileness of 7,15%.

The CS Absolut, of Credit Suisse, with volatileness of 7,15% and yield of 44,28% in 18 months, has patrimony of R$ 964 million. Between independent, managing the news they had also had greater captation in this year, case of the Mau Asset Management.D' August separated 52 deep multimarkets with bigger volatileness, that congregate R$ 8,990 billion, including Hedging Griffo, CSFB, Topsail, JGP and Clritas. With low volatileness it has 15 deep with patrimony of R$ 8,488 billion, what it shows preference of the investor for the lesser risk.

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