Attractive valuations, a real-rate cushion, a monetary easing cycle, and an upcoming election suggest a positive asymmetry in Brazilian equities.

Delivering thematic exposure requires strict purity standards, identifying relevant companies, and calibrating portfolio breadth to industry structure.

We believe emerging markets may be poised for renewed leadership as attractive valuations, consumer growth, and a weaker U.S. dollar create tailwinds.

EM ex-China is attracting attention as investors look beyond China to opportunities in technology, demographics, and supply chain shifts.

We believe Brazil’s current backdrop of attractive valuations, monetary easing, and upcoming elections creates a timely opportunity for active investing.