Messi Yes, MSCI Not Yet

Research evidence excerpt

Messi Yes, MSCI Not Yet

Update

June 19, 2026 05:44 AM GMT

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+MLatin America Equity Strategy | Latin America Nikolaj Lippmann

Equity Strategist

Messi Yes, MSCI Not Yet Nikolaj.Lippmann@morganstanley.comMorgan Stanley C.T.V.M. S.A.+ +1 212 761-2463

Julia M Leao Nogueira

Key Takeaways EquityJulia.Nogueira@morganstanley.comStrategist +55 11 3048-6046

MSCI has not highlighted improvements in Argentina's market accessibility

assessment, which remains the same as 2025...

… which increases our conviction that an upgrade to Emerging Markets is likely a

2028 story

The stability of positive reforms made last year (such as dividend repatriation)

would be an argument for a consultation launch next week, in our view

A consultation for EM inclusion could still be announced next week or in the

coming months, but an accelerated inclusion looks less likely

A consultation of upgrade to Frontier would be seen as a negative, given the very

little AUM benchmarked to that index

Argentina's score remained stable in MSCI's Market Accessibility Review. Unlike

June 2025, when MSCI mentioned reforms implemented in April 2025, today there

was no mention of Argentina in the company's highlights from standalone markets.

Argentina runs a marathon, not a sprint. In our view, the stability of positive

reforms made last year (such as dividend repatriation) would be an argument for a

consultation launch next week.

A key constraint remains stability of institutional framework. Argentina is the

only Latin American country that has a "improvements needed" assessment in this

category (see full table inside). MSCI highlights that "there have been instances of

government interventions that challenged the stability of the “free market”