BlackRock Bets on ‘Cheap’ Markets in Brazil and Argentina
BlackRock Bets on ‘Cheap’ Markets in Brazil and Argentina
Brazil’s benchmark equity Ibovespa index has fallen 2.7% so far this month, as noise from domestic politics has added to weaker-than-expected economic growth. “Between now and the pension reform’s approval, there should be volatility,” Kuczma said. “And we’re looking for opportunities to increase the overweight in Brazil.”(Bloomberg) -- When it comes to Latin America, BlackRock Inc. favors Brazilian and Argentinian stocks.
彭博社(Bloomberg)--當談到拉丁美洲時，貝萊德(BlackRock Inc.)青睞巴西和阿根廷股票。
“We see both markets and currencies trading at very cheap levels," said Ed Kuczma, BlackRock’s portfolio manager, who oversees $1.9 billion in the company’s Latin American equity funds. “The weakness we’re seeing right now creates long-term opportunities, as companies will take advantage of the weak growth to right-size their operating structure,” Kuczma said by phone.
貝萊德的投資組合經理埃德·庫茲馬(Ed Kuczma)説，“我們看到市場和貨幣都處於非常便宜的水平。”庫茲馬在電話中説，“我們目前看到的疲軟創造了長期機會，因為公司將利用增長疲軟的機會來調整自己的運營結構。”庫茲馬負責管理該公司在拉美的19億美元股票基金。
Brazil’s benchmark equity Ibovespa index has fallen 2.7% so far this month, as noise from domestic politics has added to weaker-than-expected economic growth. “Between now and the pension reform’s approval, there should be volatility,” Kuczma said. “And we’re looking for opportunities to increase the overweight in Brazil.”
巴西指標股指IBOVESPA指數本月迄今已下跌2.7%，因國內政治的雜音令弱於預期的經濟增長雪上加霜。庫茲馬説：“從現在到養老金改革的批准之間，應該會有波動。”“我們正在尋找機會增加巴西的超重。”
BlackRock expects a positive outcome for the social security reform, seeing final savings from the bill totaling between 500-700 billion reais in ten years. It also sees the reform’s approval by Brazil’s lower house taking place in last quarter of the year, according to Kuczma.
貝萊德預計社保改革會有積極的結果，預計十年內該法案最終節省的資金總額將在5,000億至7,000億雷亞爾之間。根據庫茲馬的説法，這項改革還將在今年最後一個季度獲得巴西下議院的批准。
“The big question in Brazil is the pension reform: the size of the savings and when it actually will be approved,” Kuczma said. “It should unlock a lot of value.”
庫茲馬説：“巴西最大的問題是養老金改革：儲蓄的規模和實際批准的時間。”“它應該會釋放出很多價值。”
Among Brazilian stocks, Kuczma currently favors banks -- which started to resume lending -- and homebuilders. “Homebuilders came out of a challenging period. Inflation has come down and we also saw a very strong season for launches in the first quarter,” he said. The valuation of retailers, however, is “a little stretched,” he added.
在巴西股市中，Kuczma目前青睞開始恢復放貸的銀行和房屋建築商。“房屋建築商走出了一段充滿挑戰的時期。通貨膨脹已經下降，我們也看到了第一季度非常強勁的發射季節，“他説。然而，他補充説，對零售商的估值“有點過高”。
Kuczma also has a small overweight in Argentina, where he likes Information Technology companies and banks. While MSCI Argentina Index is down 0.3% this year, he expects the country’s addition to the MSCI’s equity index of developing nations to be supportive.
庫茲馬在阿根廷也有少量增持，他喜歡阿根廷的信息技術公司和銀行。儘管摩根士丹利資本國際阿根廷指數(MSCI阿根廷Index)今年下跌了0.3%，但他預計該國加入摩根士丹利資本國際(MSCI)發展中國家股票指數將起到支撐作用。
“With the inclusion, you’ll start to see more flows to the equity market there,” he said.
他表示：“納入後，你將開始看到更多資金流入那裏的股市。”
BlackRock is more neutral on Mexico, given the impact of a disappointing growth outlook on valuations. “Some investors have been hesitant to put their money to work in Mexico,” Kuczma said.
考慮到令人失望的增長前景對估值的影響，貝萊德對墨西哥的態度更為中性。庫茲馬説：“一些投資者一直在猶豫是否將他們的資金投入墨西哥。”
--With assistance from Carolina Millan.
--在卡羅琳娜·米蘭的協助下。
To contact the reporter on this story: Vinícius Andrade in São Paulo at vandrade3@bloomberg.net
聯繫本文記者：聖保羅的維尼西烏斯·安德拉德(Vinícius Andrade)，電子郵件：vandrade3@bloomberg.net
To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Vinícius Andrade
聯繫負責本文的編輯：布拉德·奧萊森(Brad Olesen)，電子郵件：bolesen3@bloomberg.net，維尼西烏斯·安德拉德(Vinícius Andrade)
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