Latin Finance - July/August 2010 - 1

Contents
July/August 2010

EQUITY/DEBT FUND PERFORMANCE
10 Fresh crisis in the developed world drives technical headwinds at LatAm. Dedicated fund managers are flush and hunting bargains, hoping fundamentals will not be impacted.

EUROPEAN INVESTORS
17 In Europe, where sovereign risk is rising, the focus is on opportunity in relatively stable markets like Latin America. Can it outperform other EM regions?

BRAZIL DOMESTIC BUYSIDE
19 As Brazil’s pension fund industry takes off, independent managers find it tough to wrestle assets from well entrenched retail banks. Cash is piling up in the system.

MEXICAN DOMESTIC BUYSIDE
10 Equity/Debt Fund Performance
Brazil Domestic Buyside 19

26 After retreating to safer waters in years of economic uncertainty, Mexican pension funds are taking on risk. They are inching very slowly away from plain vanilla.

MEXICO VENTURE CAPITAL
29 Mexico is finally seeing signs on life in venture capital. A new generation of entrepreneurs supported by government and academia are drawing funds.

CEMEX CFO INTERVIEW
31 After surviving one of the roughest patches in its 104-year history, Cemex sees potential for recovery. The fear of its longstanding CFO is loss of market access.

22 Brazil Domestic Buyside

Cemex CFO Interview 31

PANAMA INVESTMENT
34 Panama is pushing ahead with infrastructure investment, canal expansion and mine development. It has three investment grade seals of approval.

CANADIAN MINERS
39 Governments around the world are repelling miners with expropriations and tax hikes. Canadian miners are flocking to LatAm, where they detect stability.

PERU INVESTOR REPORT
42 China-fuelled extraction drives FDI 45 Peru is making strides to develop gas and oil 46 Microfinance volume rises at a steady clip

34 Panama Investment

Peru Investor Report

Who said that?
LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published bi-monthly by Latin American Financial Publications, Inc., 1101 Brickell Avenue, Suite N1200, Miami, Florida USA. Periodicals postage paid at Miami, FL and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: 1101 BRICKELL AVENUE, SUITE N1200, MIAMI, FLORIDA USA Copyright© 2010 Latin American Financial Publications, Inc. All rights reserved. Reproduction in whole or in part of any text, photograph, or illustration without written permission from the publisher is strictly prohibited. Title is protected through a trademark registration with the US Patent Office.

“If something happens that forces the financial institutions to shut down again, that’s very disconcerting.”
See page 32

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Latin Finance - July/August 2010

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