The trick to beating the hotly traded iShares MSCI Brazil ETF (EWZ) is relatively simple, Gorra says.

FORBES: How the Dreyfus Brazil Mutual Fund Beats the Brazil ETFs

But Gorra says that is changing.

FORBES: How the Dreyfus Brazil Mutual Fund Beats the Brazil ETFs

Alexander Gorra, head of the international department at BNY Mellon ARX in Rio de Janeiro, said that Japanese inflows into fixed assets began to slow in October 2010 when the government increased the financial operations tax, known as the IOF, for foreign buyers of government debt.

FORBES: Will Japan Slow the Brazilian Carry-Trade?