Latam Equity Quant: Ibovespa preview – what to expect

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Latam Equity Quant: Ibovespa preview – what to expect

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Latam Equity Quant

Ibovespa preview – what to expect

Investment Strategy

Tenda and ITUB3 are the most likely additions 17 July 2026

B3 will release its first Ibovespa preview on Aug 3. Changes take effect on Sep 8 and will Investment Strategy

be conditional to the trading volumes until the end of August. As an early estimate, we Latin America

think Tenda (TEND3 BZ) and Itau common stock (ITUB3 BZ) could potentially be added

(Exhibit 2). If added, we estimate Tenda and ITUB3 could weigh 0.2% and 0.8%

respectively and we conservatively estimate that inflows could represent 1 and 4 trading

days respectively.

Petroreconcavo is at risk of deletion

In our view, Petroreconcavo (RECV3 BZ) remains at risk of exclusion, but it will depend

on trading activity in the coming weeks. If deleted, we estimate the impact of outflows

would represent 1 trading day. Details in Exhibit 3. David Beker >>

Bz Econ/FI & LatAm EQ Strategy

Watchlist for future Ibovespa previews Merrill+55 11Lynch2188 (Brazil)4371

david.beker@bofa.com

Watchlist for future additions: Based on our estimates, Axia special share (AXIA7 BZ) and

Sanepar (SAPR11 BZ) are next in terms of tradability metrics (Exhibit 2) but would need PaulaLatAm AndreaEquity StrategistSoto, CFA >>

their tradability to improve vs the rest of the index to have a greater chance of inclusion. Merrill Lynch (Brazil)

+55 11 2188 4226

Watchlist for future deletions: SLC agricola (SLCE3 BZ) and CSN Mineracao (CMIN3 BZ) paula.soto@bofa.com

are current members with the lowest rank of IN (tradability index) after RECV3. They Carlos Peyrelongue >>

could risk being deleted in future revisions if tradability decreases relative to the rest of Mex Eq Strat/Research Analyst