Latin America has proved disappointing for fund managers, according to global ratings agency Standard & Poor's.
Over the past year benchmark indices for all major regional exchanges were sharply down, said S&P, with under 10% of funds in the sector registering a positive return.
According to the firm, the global sell-off of TMT stocks, concerns over the US economy, and underperformance in Brazil and Mexico also affected Latin America markets.
S&P added that performance dispersion between the 187 funds in the sector narrowed sharply compared with 12 months ago, and more managers were moving closer to benchmark indices and a general neutralisation of aggressive bets.
S&P continued that managers remained positive, believing most markets were undervalued and set to catch up with fundamentals.
*No funds achieved AAA ratings this year. Seven funds out of 19 analysed attained AA and 10 qualified for A rated status.
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