Landers is neutral weight on the stock, even though Vale remains the No. 1 position for the fund, accounting for 11.2%.

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In Brazil, Constantini is neutral weight big names like Petrobras (PBR), overweight Vale and Bradesco (BBD) and underweight all of the steel companies like Gerdau (GGB) and CSN (SID) .

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It also comes just a few weeks after Evercore downgrade fellow big bank Wells Fargo to a neutral equal-weight rating.

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