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Maria Sanchez

Director, Sustainability Index Product Management, U.S. Equity Indices, S&P Dow Jones Indices

María Sánchez is Director, Sustainability Index Product Management, U.S. Equity Indices at S&P Dow Jones Indices (S&P DJI). In her role, she assists in the strategy for developing sustainability indices built on U.S. equity benchmarks, including the iconic S&P 500®.
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May 24, 2022

First Rebalance: The S&P/BVL Peru General ESG Index

Just over four months after its launch (on Nov. 8, 2021), the S&P/BVL Peru General ESG Index experienced its first annual rebalancing, effective after the market close on the last business day of April 2022. The S&P/BVL Peru General ESG Index is the first index of its kind in the Peruvian market, measuring the performance…

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Apr 27, 2022

What Is New in S&P ESG Indices?

In a recent public consultation, evolving investor sentiment and the changing needs of the ESG landscape were reflected through S&P DJI stakeholders’ feedback on the S&P ESG Indices. The results were published April 1, 2022.1 So, what are the changes? Quarterly eligibility checks instead of annual to incorporate the latest available information on a more…

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Nov 16, 2021

Let’s Talk about Survivorship – SPIVA Latin America Scorecard

The saying goes, “What does not kill you makes you stronger,” but could that strength translate into a greater chance of survival? Perhaps, especially if all future risks were equal or sufficiently similar to the one that was survived—assuming, of course, that one learned from that first experience. The survival of mutual funds could follow…

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Apr 14, 2021

SPIVA Latin America Year-End 2020 Scorecard: Active Managers Missed an Opportunity

The recently published SPIVA® Latin America Year-End 2020 Scorecard shows that the volatile environment of 2020, though potentially favorable for high-conviction active managers, did not necessarily translate into success for active managers. SPIVA scorecards measure the performance of active funds against an appropriate benchmark. For Latin America, S&P Dow Jones Indices began publishing the scorecard…

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Nov 18, 2020

SPIVA® Latin America Mid-Year 2020 Scorecard: Convergence to Underperformance

We recently published our industry-famous SPIVA report for the Latin America region. SPIVA, which stands for S&P Indices Versus Active, analyzes the performance of actively managed mutual funds against their respective category benchmark. In the case of Latin America, S&P Dow Jones Indices began publishing the scorecard in 2014, covering Brazil, Chile, and Mexico. The…

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Jul 22, 2020

Active Managers’ Outperformance in Brazilian Bond Funds – Skill or Price Distortion?

There were impressive results for active managers in the Brazil Corporate Bond Funds category, with 93.6% of them beating the benchmark in March 2020 and 88.2% Q1 2020. However, were these performance results due to true skill? This outperformance may be related to a market distortion. On the one hand, Brazil’s corporate bond funds experienced…

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Jul 15, 2020

Did Latin American Active Managers Outperform in This Tumultuous Time?

Low volatility and dispersion make it harder for active managers to add value. In other words, high volatility and high dispersion environments are expected to favor active managers to demonstrate their skill. In this aspect, March 2020 offered an opportunity to active managers[1] across the world, including in Latin American equity markets. High dispersion and…

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Apr 20, 2020

Low Volatility Response in Brazil

The S&P/B3 Low Volatility Index Celebrates Five Years of Outperforming Its Benchmark The COVID-19 pandemic hit the Brazilian equity market hard, causing the worst monthly performance since September 1999.[1] As measured by the S&P Brazil BMI, the Brazilian equity market lost 29.80% in March 2020. The S&P/B3 Low Volatility Index exceeded its benchmark by 640…

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Apr 9, 2020

The Mexican Peso: Liquid, Volatile, but Can We Hedge?

With oil prices falling and the spread of the COVID-19 pandemic, volatility is back in action. In Latin America, Forex valuations are a key barometer. Local currency depreciation is one of the most common reactions to uncertainty (see Exhibit 1). This blog highlights the recent volatility in the Mexican peso and possible ways to mitigate…

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Mar 25, 2020

The SPIVA Latin America Scorecard Shows Diverging Countries

The SPIVA® Latin America Year-End 2019 Scorecard was released last week, showing divergent results for Latin American equities markets. The report covers Brazil, Chile, and Mexico in selected fund categories. In the framework of stable inflation, a decline in unemployment, and lower interest rates, 2019 was a great year for Brazilian equities markets, as measured…

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