Latam Equity Quant: Andean region remains in focus

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Latam Equity Quant: Andean region remains in focus

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Latam Equity Quant

Andean region remains in focus

Investment Strategy

Key takeaways 12 June 2026

Investment Strategy• Andean markets outperformed both LatAm and global markets this week, while

Latin America election uncertainty in Peru remains elevated.

• We continue to see outflows from global funds dedicated to LatAm and Brazil.

• Recent outflows from Brazil equity funds remain more moderate than those seen in

1Q26.

This week in numbers

Performance of the week, USD terms. Ibovespa -0.3%, Mexbol +0.3%, versus S&P

500 -1.2% and EM down -3% in USD total return terms. Andeans show best

David Beker >>

performance in the region, amid an intense political calendar: Peru (MXNUPEGE) +9%, Bz Econ/FI & LatAm EQ Strategy

Colombia (COLCAP) +8%, Chile (IPSA) +5% this week. Our quantitative screen of Merrill Lynch (Brazil) +55 11 2188 4371

“Brazilian Magnificent 7” stocks (Mercado Libre, Nubank, WEG, BTG Pactual, Raia david.beker@bofa.com

Drogasil, Localiza, and Itaú), which has a growth bias, is +0.8% this week. Our Paula Andrea Soto, CFA >>

“Unforgettable 7” screen (Petrobras, Vale, JBS, Banco do Brasil, Ambev, Bradesco, LatAmMerrill LynchEquity (Brazil)Strategist

Gerdau), which has a value bias, is down +1.1% this week. +55 11 2188 4226

paula.soto@bofa.com

Election uncertainty lingers in Peru. Peru held a runoff election on Sunday, June 7. At Carlos Peyrelongue >>

the time of writing, vote counting is around 98% complete, with a margin of fewer than MexMerrillEqLynchStrat/Research(Mexico) Analyst

1,000 votes separating the two presidential candidates. Keiko Fujimori is currently +52 55 5201 3276

carlos.peyrelongue@bofa.com

leading with 50.002% of the vote. In Peru, equity performance remains largely driven by