Latin America has grown on a global scale as a diverse and appealing destination for investors who want to expand globally and add diversification. Latin America is generally understood to consist of the following: North & Central America: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama South America: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, French Guiana, Guyana, Paraguay, Peru, Suriname, Uruguay, Venezuela Caribbean: Cuba, Dominican Republic, Haiti Dependencies & Constituent Entities: Guadeloupe, Martinique, Puerto Rico, Saint-Barthélemy, Saint-Martin
Our hedgLATAM© strategy determines our allocation and weighting amongst Exchange Traded Funds (ETFs) and American Depositary Receipts (ADRs) representing the Latin American Region. Our strategy does not restrict the allocation to any specific index or "static" blend of countries. It allows us to overweight holdings that represent the best opportunities for total return. Since the main objective for hedgLATAM© is growth of capital focusing on emerging market countries, it will tend to have more volatility and exhibit higher risk characteristics.
We continue to be overweighted in Brazil Small-Cap stocks. Our outlook for 2020 is in line with S&P Global's assessment that 2020 could be a potentially difficult year to outperform - see - S&P Global Latin America 2020 Economic Research
 S&P Global Economic Research, Latin America 2020