Mexico Strategy "Stock Positioning Check (April 30): Spotting Entry Poin..."

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Mexico Strategy "Stock Positioning Check (April 30): Spotting Entry Poin..."

Global Research

14 May 2026ab

Mexico Strategy Equities

Latin AmericaStock Positioning Check (April 30): Spotting

Rodrigo AlcantaraEntry Points After Lackluster 1Q Results

Analyst

rodrigo.alcantara@ubs.com

+55-11-2767 6324

Few Positive Headlines in April, Yet Flows Slightly Recovered Rafael De La Fuente

The period between our last update (March 31) and April 30 reflected a lackluster Economist

earnings season, with soft results across most sectors. In our view, real estate stood rafael.delafuente@ubs.com

+1-203-719 7127

out as one of the few defensive areas during the month. On the macro and political

front, headlines also remained largely negative: preliminary GDP data pointed to Kevin Zavala

virtually no growth in 1Q (+0.1%); early signs of potential friction in USMCA Associate Analyst

negotiations emerged; and the US Department of Justice accused the governor of kevin.zavala@ubs.com

+55-11-2767 6176

Sinaloa of alleged ties to drug cartels. Even so, April saw a modest recovery in

foreign flows, with a +US$375mn inflow versus the −US$1.2bn outflow recorded in Alberto Valerio

March. Meanwhile, the MexBol traded broadly sideways during the month, Analyst

delivering a −2% return. Against this backdrop, we updated our Stock Positioning alberto.valerio@ubs.com

+55-11-2767 6918

Heatmap, based on UBS Quant Crowding Scores as of April 30. Below, we highlight

the changes that caught our attention. Kaio Prato

Top-5 Crowded Long & Short Positions — Notable Moves vs March kaio.prato@ubs.com

+55-11-3513 6573

Crowded Longs: We note a further increase in positioning in TBBB (unchanged as

the #1 crowded long), with investors seemingly taking advantage of the multiple Leonardo Olmos, CFA