Strategic Meetings with Global Managers in New York

Our Partner and Head of Liquid Assets, Pedro Hokama, recently traveled to New York for an intensive schedule of meetings with leading global equity and credit managers.

Maintaining close relationships with the funds in which we invest is a cornerstone of our philosophy. These interactions allow us not only to monitor macroeconomic trends and market dynamics but also to identify relevant opportunities for our clients’ portfolios.

Over the course of the week, Pedro participated in more than 10 meetings, including visits to institutions such as Ares Management Corporation, Golub Capital, Jefferies, and J.P. Morgan, gaining deeper insights into the forces shaping the global market landscape.

Key topics discussed during the meetings included the uncertainty surrounding U.S. trade policy and the potential implications of the upcoming elections. Despite a cautious outlook, the prevailing view among managers is that the direct economic impact remains limited, given the low exposure of portfolio companies to these specific risks.

Other highlights included expectations of a moderate slowdown in U.S. economic activity, with no significant signs of recession, and a perception that the credit market remains robust, with strong demand and spreads below historical averages, both in the high yield space and in emerging markets.

Regarding Brazil, market participants noted a mismatch between limited bond supply and increasing demand, which has helped support prices despite local volatility. In equities, the recent correction in the S&P 500 has attracted selective buyers, seen by some as further evidence that a near-term recession remains unlikely.

From a geographic perspective, there was a growing consensus that technical factors continue to favor non-U.S. assets, especially through currencies. Additionally, a weaker dollar could have a positive impact on U.S. corporate earnings, helping to sustain asset prices.

These meetings reinforce Turim’s commitment to maintaining an active, globally connected investment perspective, always focused on anticipating trends and adding value to our clients’ portfolios.