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Tag Archives: Brazil

Jul 15, 2021

Latin American Equities Post a Strong Second Quarter, as Economic Activity Starts to Bounce Back

What a difference a year makes. Latin American equities had a strong Q2, outperforming most regions, as the S&P Latin America BMI gained 15.7%. As of June 2021, the index had its best 12-month return since June 2007, gaining 46.6%. More than a year after the COVID-19 pandemic wreaked havoc on the global economy and…

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Apr 16, 2021

Despite March Comeback, Most Latin American Equity Markets Sustained Losses in Q1 2021

The first quarter was a tough one for equity markets in the region, as a stronger U.S. dollar and the ongoing impact of the COVID-19 pandemic weighed on performance. Despite a 3.1% gain in March, the S&P Latin America BMI lost 5.8% in USD in Q1 2021, while the S&P 500® gained 6.2%. At the…

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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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Jan 20, 2021

Latin American Equities Close the Year in the Red Despite the Strongest Q4 in 20 Years

Volatility is often the name of the game in Latin America. While 2020 was no exception, global markets also rode the COVID-19 volatility wave (see Exhibit 1). The global pandemic exacerbated uncertainty around the world and all capital markets were affected, particularly during Q1 2020. In Exhibit 1, we can see that the S&P Latin…

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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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Oct 22, 2020

Latin American Equity Markets Struggled to Stay Positive during Q3 amid Broader Global Equity Market Rally

In Q3 2020, we saw a continuation of the technology-led global equity market rebound with the S&P 500® up 8.9%, the S&P Europe 350® up 4.3%, and the S&P Pan Asia BMI up 8.9%, while the S&P Developed Ex-U.S. BMI and the S&P Emerging BMI were up 6.3% and 9.0%, respectively. The story was different…

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Sep 30, 2020

The S&P/B3 Brazil ESG Index – Introducing Sustainable Investing in Brazil

The search for strategies that identify risks and growth opportunities with a motivation in sustainable investing has never been higher for emerging markets. Environmental, social, and governance (ESG) investing provides a way for investors to go above and beyond traditional financial considerations by focusing on a variety of impactful topics relevant to corporations. These topics…

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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 21, 2020

Latin American Equity Markets Staged Recovery in Q2 2020 despite Continuing Battle with COVID-19

We have made it through the first half of 2020. Despite the continued spread of COVID-19 wreaking havoc on public health and the global economy, the markets did surprisingly well during Q2. In the U.S., the equity market rebounded from Q1, driven by government stimulus packages and the easing of restrictions imposed during the pandemic….

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May 12, 2020

The Downs and Ups of Latin American Markets – April 2020 Review

Investment in Latin America’s equity markets is not for the faint of heart—now more than ever. In the first quarter of 2020, all markets in the region were significantly negative, plagued by recent events. While April has swung markets back to positive territory, we are still far from the proverbial “light at the end of…

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