The iShares Latin America 40 ETF (ILF) is up more than 4% in 2023, outpacing the S&P 500.
Latin America stocks are off to a solid start this year, and Morgan Stanley sees some names in the region posting strong gains in the near term. The iShares Latin America 40 ETF , which tracks the 40-largest stocks across Latin American markets, is up more than 4% in 2023, outpacing the S & P 500 's roughly 3.7% advance. The ILF also outperformed the U.S. stock benchmark last year, losing just 2.4% while the S & P 500 tumbled 19%.
Software name Globant also made the list, with Morgan Stanley expecting the stock to rise roughly 50% going forward. "Resilient demand for DX supports growth amid weaker macro environment in the short term," the bank said. "Longer term, our estimates are supported by GLOB 1) entering new geographies , 2) servicing new industries ; and 3) and monetization new technologies ." To be sure, Globant's U.S.-listed shares are down nearly 38% over the past year.
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