In May, reversing the trend of the last three months, the Ibovespa fell sharply (10.09%), the dollar appreciated (4.18%) and the IMA-General only edged up by 0.42%, jeopardized by the reduction in the price of longerduration government bonds. In this context, the Foreign Exchange type led the industry’s profitability rankings for the month, generating returns of 5.23%, albeit falling by 7.72% year-to-date. Thanks to the dollar upturn, the Fixed Income Foreign Debt and Balanced/Mixed Foreign Investment types also performed well, posting respective returns of 2.78% and 2.34%.