In addition to the trend observed in previous months of foreign flows, there has been a recent increase in retail flows of mutual funds.

Several factors explain this trend: 

1. Copper Rally.
2. The combination of highly expansionary monetary and fiscal policy and the boost to pension fund withdrawals.
3. The effectiveness of the vaccination process.
4. Increases in growth expectations, economic perception and consumption.
5. The good momentum of emerging markets.
6. Attractive valuations. Despite its recent recovery, the local stock market is one of the few in the world that today trades at a discount both versus its own history and in terms of comparable assets, and maintains a wide gap with respect to the historical relationship with copper prices.

Flows FFMM + ETF Chile

Estimated FFMM vs IPSA shares