Trade Tracker: Stephanie Link sells the INDA and buys the EWZ

Watch on YouTube ↗  |  January 13, 2026 at 18:17  |  2:56  |  CNBC
Speakers
Stephanie Link — Chief Investment Strategist, Hightower
Josh — CEO, Walt Disney Company (The)

Summary

Stephanie Link explains why she sold her India ETF position and bought Brazil's EWZ instead, citing Brazil's cheaper valuation, accelerating GDP growth, easing policies, and commodity/manufacturing exposure. A panelist also discusses the potential for non-US developed and emerging markets to continue outperforming the US if earnings and profitability support further multiple expansion.

  • Stephanie Link sold INDA and bought EWZ as a relative country call.
  • She expects Brazil to outperform India this year despite still liking India long term.
  • Brazil's GDP growth, easing fiscal/monetary policy, and commodity exposure support the thesis.
  • She notes EWZ's top holdings are heavily weighted toward financials.
  • A panelist says non-US developed and emerging markets could extend their outperformance.
  • That broader non-US thesis is conditional on revenue and profit growth justifying multiple expansion.
Ideas
Stephanie Link Chief Investment Strategist, Hightower 0:26
Brazil over India; buy EWZ, avoid INDA.
Brazil is much cheaper than India and is set up well this year: GDP is growing at 3.4%, fiscal and monetary policies are easing and should accelerate growth, and the market has heavy exposure to manufacturing, mining, and agriculture. She sold her India position to buy EWZ, still likes India long term, but expects Brazil to outperform India this year.
EWZ HIGH
Stephanie Link Chief Investment Strategist, Hightower 0:26
Brazil over India; buy EWZ, avoid INDA.
Brazil is much cheaper than India and is set up well this year: GDP is growing at 3.4%, fiscal and monetary policies are easing and should accelerate growth, and the market has heavy exposure to manufacturing, mining, and agriculture. She sold her India position to buy EWZ, still likes India long term, but expects Brazil to outperform India this year.
INDA HIGH
Josh CEO, Walt Disney Company (The) 1:49
Non-US developed, emerging markets can keep outperforming.
Most developed market country stock markets and many emerging markets outperformed the US, with a lot of US outperformance driven by multiple expansion. If those non-US markets see multiple expansion/rerating justified by revenue and profitability growth, the outperformance could continue for two, three, or four years.
VGK Developed Asia EEM MED
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This CNBC video, published January 13, 2026, features Stephanie Link, Josh discussing EWZ, INDA, VGK, Developed Asia, EEM. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Stephanie Link, Josh  · Tickers: EWZ, INDA, VGK, Developed Asia, EEM