Key takeaways

• Saudi equities have drifted to roughly zero sensitivity to oil once global equity movement is accounted for. UAE equities now move against crude, driven by property rather than energy.
• Aramco and the petrochemical names are close to 19% of the Saudi index, yet Aramco rose about 15% as crude rose 31%. Under half the move reached shareholders.
• Real estate is about 18% of the UAE market and fell roughly 20%, with one developer causing most of the damage. Energy is only about 9%.
• Financials are roughly 40% of each market, which is why both now track global sentiment more closely than the oil price.
• Only about one in four Saudi equity funds beat TASI. Cash and sukuk funds returned a median of 3.8%, and nearly half of all fund assets in the Kingdom already sit there.
• The gap between the best and worst Saudi equity fund exceeded 24 points in a market that moved 3.2%. Selection mattered far more than allocation.

Links

• CNBC International, Access Middle East segment: Gulf equities at a negative correlation with oil markets, 14 August 2026 — watch here: https://www.cnbc.com/video/2026/08/14/gulf-equities-at-a-negative-correlation-with-oil-markets.html
• CIO Memo, August 2026: charts and full analysis: https://acrobat.adobe.com/id/urn:aaid:sc:US:690f5a67-7f58-4e3d-b5f8-48c02b131733
• Dantes Outlook website: www.dantesoutlook.com

The information presented is for informational purposes only and should not be considered as investment advice nor as a recommendation of any particular strategy, allocation or investment product: before making any investment decision, you should seek expert, professional advice and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment according to the laws of your home country and place of residence. Investing involves risk, including the possibility of loss of principal. Any forward-looking statements or forecasts are based on assumptions and actual results may vary from any statements or forecasts.

Visit us at www.dantesoutlook.com

Latin America Equities Outlook

• Why Latin American stocks are outperforming global markets
• Structural vs. cyclical drivers of emerging markets performance
• Is a long-term rerating underway?

Macro Trends Driving Latin America Markets

• Interest rate cycles across emerging markets vs. the U.S.
• Impact of U.S. dollar trends on Latin American currencies and equities
• Commodities super-cycle: energy, copper, lithium, and agriculture
• Nearshoring and global supply chain shifts benefiting Mexico

Fundamental Drivers: Valuation & Earnings Growth

• Why Latin America trades at a discount to developed markets
• Earnings growth across financials, commodities, and domestic sectors
• Country-level opportunities: Brazil, Mexico, Chile, Argentina
• Domestic demand, credit expansion, and underpenetrated markets

Quantitative Signals & Market Positioning

• Factor rotation: shift away from U.S. mega-cap dominance
• Investor flows and under-ownership of Latin America
• Market breadth, momentum, and earnings revisions
• Role of FX stability in supporting equity multiples

Key Risks to Watch

• Political and fiscal risks in major economies like Brazil
• Commodity price volatility and dependence on global growth
• Geopolitical risks and external shocks

Investment Strategy & Portfolio Positioning

• How to gain exposure to Latin America equities
• Country vs. sector vs factor-based allocation
• Why active management matters in emerging markets
• Identifying alpha opportunities in a high-dispersion region

The information presented is for informational purposes only and should not be considered as investment advice nor as a recommendation of any particular strategy, allocation or investment product: before making any investment decision, you should seek expert, professional advice and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment according to the laws of your home country and place of residence. Investing involves risk, including the possibility of loss of principal. Any forward-looking statements or forecasts are based on assumptions and actual results may vary from any statements or forecasts.

Visit us at www.dantesoutlook.com

In a rapidly shifting global landscape marked by geopolitical tension and increasing fragmentation, wealth management is no longer just about markets. It’s about optionality.

In this episode, Damanick Dantes, CMT, founder and portfolio manager at Dantes Outlook, sits down with Dalton Skach of Henley & Partners to explore how ultra-high-net-worth individuals and families are thinking beyond traditional portfolios by integrating global mobility, jurisdictional diversification, and long-term planning into their wealth strategy.

The conversation covers recent market and geopolitical developments, insights from global mobility trends, and how aligning where you invest with where you live can enhance resilience across economic cycles.

For global entrepreneurs, family offices, and investors navigating liquidity events, this episode offers a timely perspective on building a truly global wealth framework.

Visit www.dantesoutlook.com for more information on our total portfolio solutions. And our friends at www.henleyglobal.com for information about global citizenship and residency. Our team can connect you.

The information presented is for informational purposes only and should not be considered as investment advice nor as a recommendation of any particular strategy, allocation or investment product: before making any investment decision, you should seek expert, professional advice and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment according to the laws of your home country and place of residence. Investing involves risk, including the possibility of loss of principal. Any forward-looking statements or forecasts are based on assumptions and actual results may vary from any statements or forecasts.

Visit us at www.dantesoutlook.com