It has been a very challenging year for US stocks and elsewhere around the world. However, a bright spot exists: Latin America is an upside outlier. Yes – Latin America. And this comes after a collapse of more than 70% between early 2008 and the trough at the start of the pandemic. The rally is being driven largely by commodities. ILF – iShares Larin America 40 ETF is up nearly 9% year-to-date. Now, fourteen years after the all-time record was set for the MSCI regional benchmark, the market is finally starting to show signs of life again.