On November 12th, Verde Asset Management, a well-known Brazilian hedge fund, said in a note to clients on Monday that the company established a small bitcoin position before the US Presidential Election on November 5th. The specific size of the position has not been disclosed. The firm's main fund, run by industry veteran Luis Stuhlberger, fell 0.18 per cent after fees in October, according to figures. That compares with a 0.93 per cent rise in the CDI interbank base rate and a 0.29 per cent rise in a basket of homegrown hedge funds over the same period. So far this year, it has outperformed the Anbima hedge fund index by more than two percentage points. Verde now has assets under management of about R $19 billion ($3.30 billion), down from R $20 billion a month ago. (Bloomberg)