In a HALO backdrop, hard-asset and global-investment-cycle themes – such as commodities, infrastructure, electrification, defense, and EM – could gain traction.
A more market-friendly political environment, commodity exposure, and easier monetary policy could position South American equities well in 2026 and beyond.
Potential progress on trade agreements, combined with below average investor positioning, could lay the groundwork for a significant catch-up opportunity.
Germany is finally emerging from a multi-year slowdown, and fiscal stimulus and favorable valuations could present a compelling investment opportunity.
