Emerging Markets Spotlight

A top-down look at Brazil from the JOHCM Global Emerging Markets Opportunities team.

  • James Syme
23 Mar 2021
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View PDF   Download PDF  
  • In Brazil, tension between parts of the corporate sector and President Bolsonaro’s government have led to more decisive action by the government.
  • Taken in the whole, these moves show a clear move by the administration away from liberalising economic reforms and towards a more populist stance ahead of the 2022 elections.
  • It is important not to be too bearish; policy has to be viewed through the lens of fundamentals and, by our reckoning, the fundamentals look very good indeed.


Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Fund’s investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation.

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