Group 1 - Brazilian equities are entering 2026 with a more nuanced but still constructive outlook after a strong rally in 2025 driven by flows [1] - The investment thesis for the iShares MSCI Brazil ETF (EWZ) has shifted away from distressed valuations [1] Group 2 - The analysis focuses primarily on Brazilian and Latin American stocks, with occasional insights into global large caps [1]

Group 1 - Brazilian equities are entering 2026 with a more nuanced but still constructive outlook after a strong rally in 2025 driven by flows [1] - The investment thesis for the iShares MSCI Brazil ETF (EWZ) has shifted away from distressed valuations [1] Group 2 - The analyst covers stocks primarily in Brazil and Latin America, with occasional insights on global large caps [2]

Group 1 - The article maintains a constructively bullish outlook on Brazilian equities, particularly through the iShares MSCI Brazil ETF (NYSEARCA: EWZ), which is highlighted as a straightforward way to gain exposure to the Brazilian economy [1] - The focus is on undercovered stocks in Brazil and Latin America, with occasional insights into global large caps, indicating a niche investment strategy [1] - The analyst emphasizes the importance of conducting due diligence before making investment decisions, suggesting a cautious approach despite the bullish outlook [1] Group 2 - The analyst has a beneficial long position in VALE shares, indicating a personal investment interest that may influence the analysis presented [2] - The article expresses the analyst's own opinions and clarifies that no compensation is received for the article, ensuring transparency in the analysis [2] - Seeking Alpha's disclosure notes that past performance does not guarantee future results, highlighting the inherent uncertainties in investment [3]

Group 1 - The article maintains a constructively bullish outlook on Brazilian equities, specifically through the iShares MSCI Brazil ETF (NYSEARCA: EWZ), which is highlighted as a straightforward way to gain exposure to the Brazilian economy [1] - The focus is on undercovered stocks primarily in Brazil and Latin America, with occasional insights into global large caps [1] Group 2 - The analyst has a beneficial long position in VALE shares, indicating a personal investment interest in the company [2] - The article expresses the analyst's own opinions without any compensation from the companies mentioned, ensuring an independent viewpoint [2]