In October, Bitcoin’s 29% value jump significantly boosted the returns of multimarket funds invested in it.
For instance, the Empiricus Cryptocurrencies fund grew by 22.13%. This growth contrasted with the average foreign investment funds, which lost 0.66% in the same month.
Vista Capital’s Vista Multiestrategia fund also showed recovery. Previously trailing the CDI benchmark, it gained 3.0% in September and 3.8% in October.
These gains outperformed the CDI rates of 0.97% and 1.00%, respectively. As a result, the fund appeared on the top-performing list by InfoMoney.
This list was based on data from TC/Economatica, considering funds with active management and over 99 investors.
The top multimarket funds in October included Empiricus Cryptocurrencies and Vista Multiestrategia.
JPMorgan do Gl Macro Opp, Pandhora Essencial, and Systematica Blue Trend Adv were others. These funds saw returns ranging from 2.35% to 22.13%.
Empiricus Management predicts further growth for Bitcoin. João Piccioni, a manager there, credits this to institutional investors diversifying their portfolios.
He notes a rising interest from pension funds and hedge funds in crypto assets. There’s also anticipation of a Bitcoin ETF approval by the U.S. SEC by January 2024.
Other Blockchain Assets
Piccioni believes regulation is crucial to mitigate risks. Bitcoin’s growth has also affected other blockchain assets.
Chainlink (LINK) and Solana (SOL) are among those benefiting. Empiricus has increased investments in both.
Chainlink’s role in connecting crypto and traditional markets is significant. It helps in using smart contracts across platforms.
Solana, competing with Ethereum, has partnered with major companies like Visa and Shopify. This shows growing investor interest in Solana’s blockchain technology.
Finally, Vista Multiestrategia capitalized on the rising uranium prices and European market trends.
They gained from short positions in European indices and a bullish stance on the dollar versus the euro.
Their focus is now on Europe, betting on short positions in stocks and currency.
Despite uncertain global economic trends, Vista plans to maintain a strong position in Brazilian stocks and consider short positions in Brazilian interest rates.
They see the recent fiscal policy changes as an opportunity.