By Newsfeed/Bloomberg

RIO DE JANEIRO, BRAZIL - One of Brazil’s best-performing hedge funds has been scooping up the shares of state-controlled oil giant Petrobras.

Joao Braga and Marcos Peixoto, who manage US$1.3 (R$5) billion at XP Asset Management, have increased their stake in Petrobras, as the company is known, making it the biggest holding of their XP Long Biased fund even as the oil producer’s rally has outpaced the benchmark.

“The stock is cheap,” Braga said in an interview at XP’s São Paulo offices. “Management is good, the company is deleveraging . . .

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