They arrive every week, in ones and twos and groups of 10, some of them coming straight from Sao Paulo, Brazil's international airport. These investors head for the dark-wood halls of Credit Suisse Hedging-Griffo as supplicants, asking to put their millions into one of the world's top-performing hedge funds. The answer from the fund's managers is often a polite but firm no...

The irony is that trading strategies by most Brazilian hedge funds are similar to those of indexed mutual funds. Brazilian managers put almost all of their money into bonds and stocks. Brazilian regulators call hedge funds multimercado, or multi-strategy, firms to differentiate them from mutual funds.

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