Latin Finance - July/August 2010 - 16

equity/debt fund performance
America equity fund. “Interest rates are likely to go up, and if in such a cycle the outcome is that economic and monetary policy is appropriate and it becomes a country where interest rates are kept at a healthy range of 3%-12%, and inﬂation is kept at 4%-8%, then there has really been a change.” The main risk is complacency amid all the positive press LatAm continues to bask in. “If the market thinks you’re golden, perhaps you can take things for granted,” says Newman. This challenge puts more pressure on the winner of Brazil’s election, though politics is a relatively minor concern compared to previous election years, say investors. Stone Harbor’s Oliver ﬁnds that as in Colombia’s elections, set to enter a second round in late June, the two candidates are likely to continue fairly conservative and market friendly economic and monetary policies. However, when most investors are pointed in the same direction, the stage is typically set for an upset. LF

Global Growth Risk

Risk appetite will remain skittish until the ﬁre in Europe is extinguished. By mid-June, fears had moved from Greece to concerns that Portugal and Spain could face serious liquidity strain if ﬂaring bond yields made issuance of term debt prohibitively expensive. “How the details of the support package and how the ECB actually functions are important to determining the durability and the depth of this volatility,” says RiverSource’s Carlen. Until investors are conﬁdent the EU has created a ﬁrebreak and that the governments will get time to make necessary ﬁscal adjustments, slower growth in Europe is a fact, with potentially troubling repercussions for the rest of the world. It will likely translate to lower commodity prices, as well as weaker demand for manufactured products, both of which dent LatAm. In addition, the market downturn does not erase the need for carefully pulling back stimulus measures used to respond to crisis. If anything the current sello

Danger in complacency, says Newman makes this trickier. The region’s largest economy is particularly challenged. “The big challenge for Brazil is its exit strategy from the crisis measures,” says Dean Newman, manager of the $591 million Invesco Perpetual Latin

16 LATINFINANCE

July/August 2010

http://www.globaleventspanama.com/clab2010 http://www.globaleventspanama.com/clab2010

Latin Finance - July/August 2010

Table of Contents for the Digital Edition of Latin Finance - July/August 2010

Latin Finance - July/August 2010
Contents
Equity/Debt Fund Performance
European Investors
Brazil Domestic Buyside
Mexican Domestic Buyside
Mexico Venture Capital
CEMEX CFO Interview
Panama Investment
Canadian Miners
Peru Investor Report
Peru is Making Strides to Develop Gas and Oil
Microfinance Volume Rises at a Steady Clip
Latin Finance - July/August 2010 - Latin Finance - July/August 2010
Latin Finance - July/August 2010 - Cover2
Latin Finance - July/August 2010 - Contents
Latin Finance - July/August 2010 - 2
Latin Finance - July/August 2010 - 3
Latin Finance - July/August 2010 - 4
Latin Finance - July/August 2010 - 5
Latin Finance - July/August 2010 - 6
Latin Finance - July/August 2010 - 7
Latin Finance - July/August 2010 - 8
Latin Finance - July/August 2010 - 9
Latin Finance - July/August 2010 - Equity/Debt Fund Performance
Latin Finance - July/August 2010 - 11
Latin Finance - July/August 2010 - 12
Latin Finance - July/August 2010 - 13
Latin Finance - July/August 2010 - 14
Latin Finance - July/August 2010 - 15
Latin Finance - July/August 2010 - 16
Latin Finance - July/August 2010 - European Investors
Latin Finance - July/August 2010 - 18
Latin Finance - July/August 2010 - Brazil Domestic Buyside
Latin Finance - July/August 2010 - 20
Latin Finance - July/August 2010 - 21
Latin Finance - July/August 2010 - 22
Latin Finance - July/August 2010 - 23
Latin Finance - July/August 2010 - 24
Latin Finance - July/August 2010 - 25
Latin Finance - July/August 2010 - Mexican Domestic Buyside
Latin Finance - July/August 2010 - 27
Latin Finance - July/August 2010 - 28
Latin Finance - July/August 2010 - Mexico Venture Capital
Latin Finance - July/August 2010 - 30
Latin Finance - July/August 2010 - CEMEX CFO Interview
Latin Finance - July/August 2010 - 32
Latin Finance - July/August 2010 - 33
Latin Finance - July/August 2010 - Panama Investment
Latin Finance - July/August 2010 - 35
Latin Finance - July/August 2010 - 36
Latin Finance - July/August 2010 - 37
Latin Finance - July/August 2010 - 38
Latin Finance - July/August 2010 - Canadian Miners
Latin Finance - July/August 2010 - 40
Latin Finance - July/August 2010 - 41
Latin Finance - July/August 2010 - Peru Investor Report
Latin Finance - July/August 2010 - 43
Latin Finance - July/August 2010 - 44
Latin Finance - July/August 2010 - Peru is Making Strides to Develop Gas and Oil
Latin Finance - July/August 2010 - Microfinance Volume Rises at a Steady Clip
Latin Finance - July/August 2010 - 47
Latin Finance - July/August 2010 - 48
Latin Finance - July/August 2010 - Cover3
Latin Finance - July/August 2010 - Cover4
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