Mexico Strategy "Stock Positioning Check (June 30): How Are Investors..."

研报英文原文证据摘录

Mexico Strategy "Stock Positioning Check (June 30): How Are Investors..."

Global Research

14 July 2026ab

Mexico Strategy Equities

Latin AmericaStock Positioning Check (June 30): How Are

Rodrigo AlcantaraInvestors Positioned Ahead of 2Q Earnings?

Analyst

rodrigo.alcantara@ubs.com

+55-11-2767 6324

Foreign Flows Back to Negative in June Rafael De La Fuente

The period between our last update (May 29) and June 30 was marked by another Economist

round of lackluster returns (MexBol -2.4%) and mixed domestic headlines, rafael.delafuente@ubs.com

+1-203-719 7127

culminating in the U.S. formally announcing on July 1 that it does not intend to

renew the USMCA in its current form. This opens the door to annual reviews through Kevin Zavala

2036. While not the most favorable outcome for the Mexican economy, it was widely Associate Analyst

expected by the market and, consequently, had limited impact on price action. kevin.zavala@ubs.com

+55-11-2767 6176

Against this backdrop, net foreign flows turned negative in June at -US$764mn (vs.

+US$359mn in May), bringing LTM net inflows to just +US$70mn. To put this into Alberto Valerio

context, over the same period in 2019, LTM net inflows exceeded +US$2.4bn. Analyst

alberto.valerio@ubs.com

+55-11-2767 6918

We updated our Stock Positioning Heatmap based on UBS Quant Crowding Scores as

Kaio Pratoof June 29. Below, we highlight the positioning changes that caught our attention.

kaio.prato@ubs.com

Notable Moves vs. May 29 +55-11-3513 6573

Crowded Longs: The composition of the Top-5 longs showed some interesting

Leonardo Olmos, CFA

changes, with TBBB remaining the only constant at #1. Within financials, Analyst

Banorte and BBajío each moved up one position in the ranking. Conviction leonardo.olmos@ubs.com