LatAm Equity Strategy: Global Exposure Guide 2026 – Latin America

研报英文原文证据摘录

LatAm Equity Strategy: Global Exposure Guide 2026 – Latin America

Foundation

June 28, 2026 10:20 PM GMT

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

Equity Strategist

Global Exposure Guide 2026 – Nikolaj.Lippmann@morganstanley.comMorgan Stanley C.T.V.M. S.A.+ +1 212 761-2463

Julia M Leao Nogueira

Equity StrategistLatin America Julia.Nogueira@morganstanley.com +55 11 3048-6046

We present our 14th Global Exposure Guide, covering 180

companies in Latin America. Our proprietary database quantifies Exhibit 1 : Domestic revenue exposure (home

the revenue and cost breakdown of regional corporates to country) of Latam firms has slightly increased

different geographies and end demand. to 63% (+1% relative to last year)

Latam companies revenue exposure Foreign Domestic

100%

Key Takeaways

80% 37% 38% 41% 33% 41% 43% 37% 48% 42% 36% 38% 38% 37% Latin American companies generate ~63% of revenues from their country of

origin, and ~77% from inside the region. 60%

The US & Canada are the biggest sources of revenues from the rest of the world 40%

(~11%), followed by China and Developed Europe (~5% each). 63% 62% 59% 67% 59% 57% 63% 52% 58% 64% 62% 62% 63%

20%

The sector most exposed to the US & Canada is Info Technology (~30% of

revenues), while to China it is Materials (~16%). 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

The group of Latam stocks most exposed to the US & Canada has outperformed Source: Company data and Morgan Stanley Research

MSCI EM by ~+77% since 2010, and MSCI Latam by ~+343%. Exhibit 2 : Latin American companies derive

The group of Latam stocks most exposed to China has underperformed MSCI EM ~75% of their revenues from their region