Fynsa
Outperformance relative to DM (Developed Markets) is expected to continue through 2026. Emerging markets currently offer diversification in the artificial intelligence sector, from concentration in the US to exposure to Asian AI.
The software sector has suffered the largest non-recessionary decline relative to the market. But according to market consensus estimates, the sector's fundamentals remain largely intact.
Subordinated debt appears to be a middle ground: it costs more in coupons than a traditional bond, yes, but it buys financial flexibility and, in many cases, improves capital readings due to its subordination, long term, and certain contractual options.
Iván Poduje's term could mark a shift toward more technical and structural management at Minvu. Rather than short-term expansionary policies, the market anticipates reforms aimed at unlocking supply, streamlining planning, and improving the efficiency of the system.
