Commodities are 25-33% of LATAM story; political reforms and valuations (high dividend yields, discounted PEs, high real rates) are key drivers.

Advocates barbell approach: overweight both LATAM (diversification, underowned) and Asia (strong AI ecosystem, capital market reforms). Also highlights India as overlooked (high GDP growth, low inflation, rate cuts, fiscal stimulus, gold-driven consumer confidence).

Cautious on momentum/semiconductor trades in Korea/Taiwan; leaning toward value/cyclicals. Within commodities, likes copper, energy, gold. Biggest sector overweight is financials in LATAM due to rate-cutting cycle improving asset quality and capital market activity.