LatAm Fund Manager Survey: Lower Ibovespa upside, more defensive positioning

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LatAm Fund Manager Survey: Lower Ibovespa upside, more defensive positioning

LatAm Fund Manager Survey

Exhibit 2: % of investors planning on increasing their equity allocation Exhibit 3: What do you consider the biggest external tail risk for LatAm

in the next 6 months markets?

# of investors planning to increase equity allocation is in line with hist. Higher US rates and strong USD are considered the biggest tail risk.

80% % planning on increasing Average Higher US rates

Strong USD 60%

US Slowdown

40% Geopolitical events

China and commodities Jun-26 20%

May-26

US tariffs

0%

0% 10% 20% 30% 40% 50% 2018 2019 2020 2021 2022 2023 2024 2025 2026

Source: LatAm Fund Manager Survey Source: LatAm Fund Manager Survey

BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH

Exhibit 4: Which sectors within equities are you most overweight? Exhibit 5: Which sectors among equities are you most underweight?

Participants are most overweight utilities Participants are more underweight than they are overweight in cons.

discretionary, communication services, cons. staples, and industrials.

Utilities

Financials

Energy

Consumer Discretionary

Materials Materials

Communication Services Communication Services Jun-26 Overweight

Consumer Staples Consumer Staples

May-26 Underweight

Industrials Industrials

0% 10% 20% 30% 40% 0% 10% 20% 30% 40% 50%

Exhibit 6: Which strategies do you believe could outperform over the Exhibit 7: What are your expectations for the USD in 2026?

next 6 months? Most participants expect a weaker USD in 2026.

High quality and high dividend yield are the favorite strategies.

Jun-26 High quality Stronger USD

High dividend yield May-26

Value

Unchanged Banks

Growth

Commodities / exporters Weaker USD Jun-26 Low volatility / low beta

High volatility / high beta May-26

0% 20% 40% 60% 80%