Fund Manager Rebuilds Stake in Brazil Chicken Giant BRF
- NCH Capital sees BRF returning to profitability this year
- Shares of Brazilian meat processor have rebounded 57% in 2019
Chickens stand in a barn.
Photographer: Daniel Acker/Bloomberg
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Brazilian chicken producer BRF SA used to be one of the largest positions in NCH Capital’s portfolio until late 2015, when the asset manager scrapped its position because of a view that the protein cycle was turning down.
Now, NCH Capital is rebuilding a position in BRF on expectations of a recovery in gross margins, according to James Gulbrandsen, the Rio de Janeiro-based chief investment officer for Latin America at the firm, which has $3 billion in assets under management.