1. Emerging Markets
J Le
3-23-11

2. Overview
• Latin America
– Mexico and Brazil are the stars
– LA: Projected 6% growth by IMF in 2011
– DEMAND: energy, material/ag commodities
– More $ for commodities = more infrastructure and
consumer spending
– Advantages
• Lots of Nat Res.
• Growing Middle class
• Great connections to Europe and Asia

3. Wide Exposure
• NYSE: AND* (40 company ETF)
– Nasdaq: SCCO
– NYSE: BVN
– Peru EPU*

4. Colombia
• Stabilized political situation
• Fastest growing oil producer in LA
• One of the largest coal exporters and low costs to
boot
• Many free trade agreements w/ Asian and other LA
countries
• Citi estimate 4.5% growth in 2011
• Raised debt rating from BBB- TO BB+
• Plays:
– COLX * GXG* EC# (oil) CIB# (FS bank)

5. Argentina
• Large food producer
• 2nd largest corn exporter
• 3rd largest soy exporter
• Top producer of beef and lamb
• Newly discovered NatGas = energy independence
• Trade surpluses = ^ FE reserves and gold holdings
• Plays:
– ARGT* CRESY# (farm company) TGS#(Natgas)