Latin American equities have had a big stretch of underperformance vs US equities, but since December 2021 they haven’t made a lower low on a total return basis.

One of the things I’m watching in macro land is whether there is some meaningful reversal here.

The combo of 1) lots of global capital stuffed into US capital markets and 2) a US rate cutting cycle, is a potential catalyst for serious multi-year capital rotation toward more global assets.
https://m.primal.net/KomD.jpg