Roderick van Zuylen

Latin America, especially Brazil, is undergoing a political shift toward pro-business policies. After years of high real rates crushing equity turnover, the central bank has started cutting rates. This is driving a recovery in equity volumes, benefiting financial infrastructure companies like B3 (the stock exchange) and XP (wealth management platform). The potential for a multi-year pickup in IPOs and privatization adds further upside.

Elder care facilities face a severe supply-demand imbalance. No new senior living facilities have been built since 2017, while the baby boomer population is aging rapidly. Brookdale, the largest operator, has undergone activist-driven management changes and is now improving occupancy. Although the stock may be ahead of itself short term, the multi-year tailwind from demographic demand and no new supply until 2030 makes it a compelling long-term investment.

Commodity brokers Marex and StoneX are positioned to benefit from both structural and cyclical increases in commodity futures volumes. Volatility from geopolitical events, inflation hedging, and corporate risk management are driving volumes. These are high-quality, tech-enabled businesses with 20-30% ROEs, sticky client relationships, and a long runway as more corporates seek to hedge risks.

Latin America, especially Brazil, is undergoing a political shift toward pro-business policies. After years of high real rates crushing equity turnover, the central bank has started cutting rates. This is driving a recovery in equity volumes, benefiting financial infrastructure companies like B3 (the stock exchange) and XP (wealth management platform). The potential for a multi-year pickup in IPOs and privatization adds further upside.