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Like its Mexican counterpart though, the Sao Paulo Stock Exchange's benchmark Bovespa index was 0.03% lower at 59, 253 points.
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So while oil major Petrobras accounts for 13% of the Bovespa index, and therefore the iShares Brazil ETF, it accounts for just 9.4% in the mutual fund.
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The Bovespa Index declined 45% to its early October low.
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Many analysts reckon it was an overdue correction after some feverish buying, particularly of Telebras, the state-controlled telecoms holding company whose shares account for 45% of the Bovespa index.
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Brazil's Bovespa index was up sixfold.
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So while the iShares ETF is heavily weighted towards the big commodity names like Petrobras (PBR) and Vale (VALE), because that is how the Bovespa index actually looks, the Dreyfus fund can mix it up and invests in companies that are not listed on the Bovespa index.
FORBES: How the Dreyfus Brazil Mutual Fund Beats the Brazil ETFs
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Its Bovespa stock index, in dollar terms, is up more than fivefold since January 2004.
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Brazil joined the investment grade club in April and May 2008, sending the local Bovespa stock index to an all time high before profit taking took it lower in the summer of 2008.
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Meanwhile, the MSCI Brazil index, which tracks the Bovespa, is down 9.5 percent year to date while the MSCI Emerging Markets index is up 7.96 percent over the same period.
FORBES: Brazil, Still Shrinking
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Brazil's benchmark stock market index, the Bovespa, is hovering around an alltime high, and the economy is booming.
FORBES