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Brazil Leads Emerging-Market ETF Windfall on Commodities Surge

  • EWZ received $81 million last week, the most in three months
  • Investors say most ‘bad news’ is priced in for Brazil assets
Stock activity on an electronic board at the Brasil Bolsa Balcao (B3) stock exchange in Sao Paulo, Brazil, on Monday, Nov. 8, 2021. 

Stock activity on an electronic board at the Brasil Bolsa Balcao (B3) stock exchange in Sao Paulo, Brazil, on Monday, Nov. 8, 2021. 

Photographer: Patricia Monteiro/Bloomberg
Updated on

Global investors added money to the largest exchange-traded fund of Brazilian stocks for the first time this year, finally picking up on a long streak of inflows supporting the local market.

The $5.9 billion iShares MSCI Brazil ETF, known as EWZ, received $81 million in the week ended March 18, the most since mid-December. Taking into account the country’s share in emerging-market focused ETFs, Brazilian equities received a total of $224.7 million in the period, leading gains in the developing world, according to data compiled by Bloomberg.