“I don’t think it is appropriate for investors to speculate on regime change,” Pruett said.

Luiz Ribeiro, whose $246 million Deutsche Latin America Equity Fund was up 23 percent this year, agrees with Landers and others that a change in government could have a major impact on Brazil’s fortunes. But, like Pruett, he isn’t willing to bet on it.

The Deutsche Bank fund, which has beaten 95 percent of its peers over the past five years, is benefiting from its holdings of Brazilian stocks such as Itau Unibanco Holding SA, Latin America’s largest bank by market value, and Raia Drogasil SA, a retail drugstore chain that has withstood a deepening recession.

Ribeiro, who has worked on the fund since 2013, had 52 percent of his assets in Brazil as of Feb. 29. That weighting is based on bottom-up stock picking, he said -- not an explicit wager on the country or impeachment.

Ribeiro described impeachment as a binary event, or one with two distinct outcomes. If the president leaves and new team comes in, Brazil’s fortunes will brighten, he said. If she stays, confidence and economic growth will struggle to recover.

“It all depends on politics,” said Ribeiro, “and that is difficult to predict.”

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