The WisdomTree Brazilian Real ETF (NYSEArca: BZF) has gained 5.6% over the past month but is still down 22.7% year-to-date.

“In terms of intrinsic value, assets in Brazil are very cheap,” Figueiredo added. “And you don’t need to go to the complicated ones.”

Brazilian equities look cheap after steep selling this year. For instance, EWZ is now trading at a 11.45 price-to-earnings and a 1.2 price-to-book, compared to the S&P 500’s 17.01 P/E and 2.31 P/B.

iShares MSCI Brazil Capped ETF

For more information on Brazil, visit our Brazil category.

Max Chen contributed to this article.