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Brazil may be the largest economy and stock market in Latin America, but that is not to say that there aren’t rich investment opportunities across other parts of the region.1,2 In countries such as Colombia, Argentina or Chile, investors can get exposure to natural resources, technological innovation and emerging consumer strength.3 These smaller markets bring a new dimension to the BlackRock Latin American Investment Trust.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Many of these opportunities are idiosyncratic and occur in unlikely places. For example, Argentina may not appear to be a natural place to look for investment opportunities. Inflation has been persistently high and is still running at almost 40% year on year,4 There are multiple economic imbalances. While there have been improvements, we retain a cautious view of the market.5
However, Argentina is also home to a number of the region’s leading technology companies. This includes a pan-Latin American ecommerce platform, and a global software development company. Neither has anything to do with the fortunes of the Argentinian economy, but both have unique assets and interesting prospects. It takes careful company selection to uncover these options.
Overlooked natural resources providing valuable investment opportunities
The region also offers an abundance of natural resources that are often overlooked. There are well-managed companies that own valuable mining assets, such as gold mines in the region.6
These unique natural resources are also to be found in Chile. Chile is the world’s largest copper producer, with around one-quarter of the world’s production.7 It is also one of the world’s largest producers of lithium with a significant share of reserves.8 These resources are vital for the energy transition, with copper playing a vital role in electrification, and lithium an important component in battery technology.
Investment opportunities throughout Latin America
Investment opportunities are also available elsewhere. Columbia saw a significant post-pandemic rebound in its economy. Growth slowed in 2023 and 2024, but is forecast to pick up again in 2025 as inflation slows and interest rates drop.9 We have had exposure to the banking sector, for example, which is often a beneficiary of an improving outlook. It is the same in Panama, where we hold a budget airline, which operates across the whole of Central America. It may benefit from rising consumer wealth across the region.
Mexico may also hold a number of long-term investment opportunities. It is a key beneficiary of the friend-shoring of global supply chains, which is supporting its economy and creating options to invest for growth.
Forecasts: Forecasts/Estimates may not come to pass.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
The BlackRock approach to investing in emerging markets
In every case – and in keeping with BlackRock’s broader approach to investing in emerging markets – we seek to balance risk and opportunity. The political and economic backdrop has to be right, and we naturally look to move away from areas of significant social unrest, or political disruption.
The key for investing in fast- growing Latin American economies is to ensure the successes outweigh the failures. In the BlackRock Latin American Investment Trust, we seek to do this through forensic, on-the-ground research and diligent risk management.
There is no guarantee that research capabilities will contribute to a positive investment outcome.
While the investment approach described herein seeks to control risk, risk cannot be eliminated.
1 Statista, 8 August 2025, Gross domestic product (GDP) in Latin America and the Caribbean in 2025, by country.
2 Statista, 23 September 2024, Stock exchanges in Latin America - statistics & facts.
3 Trading economics, July 2025, Brazil Consumer Spending.
4 Trading Economics - Argentina Inflation rate - July, 2025.
5 Reuters, 5 May 2025, In Milei's Argentina 'economic miracle', not everyone's a winner.
6 Lundin Gold - Operating one of the highest grade, lowest cost mines in the world - July 2025.
7 Investing News Network - Top 10 Copper Producers by Country - 25 February 2025.
8 Nasdaq - Top 4 Largest Lithium Reserves by Country - 6 March 2025.
9 World Bank - Columbia overview - 23 April 2025.
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of risks.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
