Redeye comments on VEF’s Q3 2026 report and Brazil’s presidential election. The portfolio continues to deliver and the bonds have been redeemed, but Lula’s re-election triggered a sharp sell-off in Brazilian assets. With 59% of the portfolio in Brazil, we expect the share to stay under pressure in the near term. We keep our fair value range for now, pending a review of our Creditas assumptions.
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