LatAm Equity Strategy Reference Presentation

Research evidence excerpt

LatAm Equity Strategy Reference Presentation

Earnings & Valuation: Relatively cheap… Materials carry the growth vs. weak staples

Earnings growth has been largely driven by Materials, though tough comps for 2H temper the momentum

MEXBOL trades ~1 st. dev. below its long-term avg. Materials most expensive; Consumer cheapest vs. 5Y avg.

15 14.6

13 12.5

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