A few days ago, the CEO of SURA Investments, Gonzalo Falcone, surprised investors by sending a letter in the purest style of Larry Fink. The letter, titled "The Challenge of Daring: Leadership that Demands the Responsibility to Act in Time in Latin America," began with a brief introduction from Falcone, in which he commented on how he understood the importance of seeing opportunities where others perceive risks. Throughout his paragraphs, in addition to announcing the historical results achieved by the company in 2025 (which increased from managing US$ 19.

7 billion in 2024 to US$ 26 billion last year), he highlighted his empirical confirmation that Latin America has consistently been a region rich in opportunities. "However, historically, factors have coexisted that have generated caution when it comes to fully capitalizing on them. Today we see a context that favors us.

We are convinced that we are facing a moment of immense opportunities that deserve to be seized," he emphasized. Falcone, a Uruguayan economist with over 25 years of experience in financial companies and 13 years at Grupo SURA, elaborated with Señal DF on his message. He commented that today is not the only moment for Latin America; there have been good periods before, and undoubtedly more will come.

"The key is that, in the face of the current opportunity, we have the responsibility to act, all of us who participate in one way or another, regardless of the role we have in our societies or economies," he asserted. - In the letter, you mention that in Latin America, those who look from the balcony see opportunities, while those who go down to the street see chaos. At the same time, you suggest that it is time to do both: look for opportunities and act.

What are those opportunities, and what is the challenge for Latin American countries in this context? - The first thing…

The Prime Minister of Canada summarized this well in his speech at the Davos Forum, particularly mentioning that middle powers must make decisions on how to position themselves in this new World Order. I believe this is particularly relevant for large Latin American countries like Brazil and Mexico, a call where they will surely have greater capacity to act individually. "In this new, much more complex context, different from what we have been operating at the global level, Latin America has relevant advantages, and I believe that is where the opportunities lie.

" - And what is the challenge for the rest of the countries in the region? - For the rest of the countries, it poses a challenge regarding how they will relate in this new global order. If one looks at last year, as a consequence of Liberation Day, Latin America had an impact on rising tariffs, but when you put it in a global context, it came out ahead.

And here I go with the opportunities. Recently, there has been a reconfiguration of global supply chains, and Latin America has proximity to markets like the United States, which remains a power. As a region, it can be considered the fourth largest economy in the world, with 8% of the global population, the largest reserves of copper, lithium, rare earths, and also oil.

Add to that the economic stability we have achieved in recent years. So, in this new, much more complex context, different from what we have been operating at the global level, Latin America has relevant advantages, and I believe that is where the opportunities lie. - In the emerging world, Latin America competes with other markets, such as Asia, whose stock markets also had exceptional performance in 2025.

The regional indicator achieved returns of over 30% in dollars, marking its best year since 2017. But the Middle East war has emerged, and that region is one of the hardest hit. Do we have an advantage?

- In 2025, both Asia and Latin America had very good results. Even our region—speaking of stock indices—was above global indices, the S&P, and even Asia. When you look prospectively, you see tailwinds for both regions.

Before the geopolitical events, we saw a structural weakness of the dollar and the effect of improvements in commodity prices. Now, as a regional manager with a significant client base, I can say that fixed income is the most relevant within portfolios. And in that comparison with emerging Asia, if one considers real rates adjusted for risk, one can find very attractive real rates adjusted for risk in Brazil, Mexico, Colombia, and even Peru compared to countries in that region.

We have Brazil above 7%, Colombia above 5%, Mexico at 3%, and Peru around 2. 5%, with that level being the maximum of some Asian countries. "In 2025, the advance was driven by an expansion of multiples that came from previously depressed levels, and for 2026, we are projecting a different dynamic, more supported by stronger earnings growth among companies that make up emerging indices.

" - Emerging prices have risen sharply and seem no longer punished. How much more do you expect them to recover, and how will the context of being far from geopolitical tension influence this? - It is true that prices have rebounded sharply, especially last year, although they have corrected due to the conflict with Iran.

We maintain it as one of our main preferences for 2026; the difference is that in 2025, the advance was much more driven by an expansion of multiples that came from previously depressed levels, and for this year, we are projecting a different dynamic more supported by stronger earnings growth among the companies that make up these emerging indices. Latin America, in this geopolitical context, being far from the conflict zone and having less exposure, has a positive scenario, while Asia has been facing pressures both from oil prices and its greater dependence on the Middle East. However, as political uncertainty decreases, we expect Asia to also resume its trajectory of positive performance due to its strong exposure to sectors like technology and AI, which have even higher valuations than large U.

S. tech companies. - What structural advantages does Latin America have today?

- The region presents several advantages within the global context, and we highlight three main factors. First, macroeconomic strength and a favorable monetary cycle. Unlike previous episodes, Latin America arrives at this stage with stronger fundamentals: inflation has significantly decreased in several countries, allowing—and in some cases continuing to allow, as in Brazil—interest rate cuts.

This not only boosts recovery and growth but also improves financial conditions and the potential for local asset appreciation. Second, strategic exposure to commodities in a volatile environment. The region maintains a high exposure to raw materials, which is particularly favorable in a context of geopolitical tensions and disruptions in global supply.

Commodity prices have remained elevated, benefiting the terms of trade for several countries: in some cases due to energy prices, like Colombia, Mexico, and Brazil, and in others due to industrial metals, like Chile and Peru. Additionally, a key element is that the region is relatively isolated from conflicts in areas like the Middle East, reducing direct risks and positioning it as a stable supplier of strategic resources. Third, an attractive relative positioning in the global context.

From a market perspective, Latin America continues to trade at discounts compared to its historical average, in contrast to many global markets that operate above their historical valuations. Moreover, there is a favorable external environment, marked by a structural trend of dollar weakness—historically positive for the region—and a gradual process of global portfolio diversification towards assets outside the United States. In this context, geographical proximity and a U.

S. policy increasingly oriented towards strengthening trade ties with the region in recent times reinforce the potential for investment flows into Latin America. Economy and Geopolitics - Large countries like Brazil, Colombia, and Peru have elections in the coming months.

How are you observing these processes? - As SURA Investments, we are a long-term investor in the region; we know it and trust in the institutions of Latin America, which have proven capable of balancing different political scenarios. Now, the electoral processes in Brazil, Colombia, and Peru will generate some volatility in the short term; that is natural, I would say.

But beyond that volatility, we continue to see a positive outlook for the region. We understand that there could be more room for greater moderation and pragmatism in economic policies, with governments more focused on stability, growth, and investment, which should be favorable for the markets. On the other hand, there is also less risk of abrupt changes or major surprises compared to previous cycles, which all together makes us think that, even with this electoral uncertainty, the impact on the economy and markets should be more contained.

- One of the main risks for investors in Latin America has always been the political factor. Is there today a separation between the political and economic spheres? - There is a decoupling between the political and economic spheres.

While one cannot lose sight of the fact that politics is always relevant, this decoupling also comes from recognizing many years of growth and stability that our economies have developed, not exempt from important political events and institutional discussions, but maintaining republican democratic regimes in all our countries. But I would say one thing: we will continue to see that connection between the political and economic spheres. In other words, the decoupling will not be so pronounced.

I believe there is a central element: how the Latin American region positions itself in relation to the United States, which is a nearby market where we are also gaining more relevance in recent times, and also with China, which is an investor with which we have a very relevant commercial relationship, depending on each country, but increasingly significant in recent years. There will be a tension that will surely be transmitted from the political to the economic. - How does this tension between the U.

S. and China translate into investment decisions? - More than a direct risk for Latin America, we see this tension positioning the region as a strategic player in two dimensions.

First, Latin America is consolidating as a relevant partner for both powers, gaining prominence precisely in this global geopolitical context. On one hand, the United States, with the goal of consolidating that historical closeness and influence, has shown a growing interest in strengthening its economic and commercial ties with the region. This was evident during last year's trade war.

On the other hand, China continues to deepen its presence, especially in terms of trade and investment in key sectors. This dual interest places Latin America in a privileged position, opening up opportunities in terms of financing, investment, and trade. And how does this translate into investment decisions?

From a portfolio perspective, one would say that this context favors strategic sectors like commodities, infrastructure, and supply chains, which are fundamental to benefit from this dynamic with both powers. In a second dimension, it increases the relevance of Latin America within global diversification strategies, a trend that has already been reflected in the capital flows that have come to the region since 2025, responding to investors seeking exposure to economies capable of capturing the benefits from both spheres of influence. - How can this appetite for the continent be leveraged in terms of investment?

In which investment instruments are you seeing the greatest opportunities? - An important part of Latin America's attractiveness for the United States is linked to its natural resources. Now, this gives rise to a structural investment thesis in the region, with opportunities that go beyond commodities themselves.

Our investment specialists identify this at three levels of implementation. The first would be direct exposure to strategic resources, through countries or companies linked to key raw materials like copper, lithium, and oil. A second level involves opportunities related to the value chain of these resource sectors; beyond extraction, there is a need to secure supplies that is driving investments, for example, in infrastructure, energy, and logistics.

This opens up space to invest in companies that, while capturing a significant part of the value, have less direct exposure to commodity volatility. Finally, the third level considers diversified vehicles that capture the regional reality that is also receiving capital flows. Here we see opportunities in both regional Latin American equity funds and sovereign and corporate debt funds from commodity-exporting countries, which tend to benefit from improvements in external fundamentals.

- How are you visualizing 2026? - We have a constructive outlook for assets in 2026 because we see economic growth and company earnings that provide a foundation for that constructive view. Now, in recent days, volatility has come more from geopolitical issues, and in that context, Latin America becomes a strategic pillar.

When one has a global diversification view, with both global and regional components in our investors' portfolios, we believe the region plays a fundamental role in that diversification. So, on that front, we see significant opportunities in local fixed income from different countries, marked by local rates that continue to offer exceptionally attractive yields, with Brazil and Colombia leading. Then, in Latin American equity, we mention Brazil as a fundamental component of the indices.

If it reduces rates, it will also generate a catalyst to sustain stock market performance.