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Investing.com - Investor sentiment toward Latin American markets has turned increasingly positive as regional equity indices reach record highs, according to a November fund manager survey released Monday.
The survey shows a significant shift in expectations for Brazil’s Bovespa index, with one-third of respondents now projecting levels above 180,000 in 2026, up from 17% in October.
No participants expect the index to fall below 150,000, compared to 26% who held that view last month. The Brazilian real is now expected to strengthen to 5.20 against the dollar in 2026, improving from the previous forecast of 5.30.
Fund managers have reduced cash positions to 4.7%, the lowest level since February 2025 and below the historical average of 5.4%. Growth has replaced high quality as the preferred investment strategy, with financial and consumer discretionary sectors receiving the most overweight positions. Materials remains the most underweight sector among survey participants.
Regarding Mexico, investors have adopted positive or neutral views on the upcoming United States-Mexico-Canada Agreement (USMCA) review expected in July 2026. The survey indicates expectations for Mexico’s GDP growth between 0-1% in 2025, with a projected recovery to 1-2% in 2026.
Argentina has seen increased bullishness following recent midterm election results, with 59% of respondents expecting further asset price appreciation, up from 43% in October. Among Andean nations, Chile is favored to outperform, though copper prices remain identified as the primary risk factor for the region.
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