Brazil, with room to continue surprising, says Credicorp Capital
The local market is going through a major transformation, which has been going on since before the pandemic, but was certainly accelerated by it. In 2018 alone, the number of participants in the local market (Bovespa) was around 500,000 clients, and today (
The investment world also includes many technology companies that have been listed on Nasdaq and therefore cannot be part of the local index, which represents an opportunity for active investment funds. Companies such as Stone, Pagseguro, XP, and
Darío Valdizán, Director Head of Buy Side Research Fixed Income, Equities and Sovereigns at
The vaccination program continues to gain momentum and in line with government expectations, with a high potential daily vaccination rate.
Equities. Several factors combine to create a favorable environment for equities: a historical migration of local flows to the stock market, historically low interest rates, renewed interest from foreign investors, and a tsunami of IPOs focused mainly on growth sectors.
Fixed Income. Headwinds in macro and microeconomic determinants for Brazilian sovereign and corporate bonds, even more so in a context of higher volatility in the Andean region.