Creditcorp Ltd (BAP)

She really likes this and it is one of her top holdings. The TD Bank of Peru. Peru is extremely under-banked, and one of the most under-banked in the Latin American region. Management team is phenomenal. She is very optimistic on the outlook for Peru. Even when it was so difficult in Peru in 2015 and early 2016, this bank generated ROE of 20%.

The largest retail bank in Peru. Peru is her favourite Latin America country at the moment. The new president is very pro-business. This bank is benefiting from extremely low penetration of financial products, and has a very strong capital discipline. The ROE is very consistent over the years at around 20%.

Your choice of a Top Pick in South America, particularly in Brazil. Brazil is an economy that after having a great decade is really going to struggle for growth this decade. It is going to struggle with inflation because there is not enough flexibility in the economy. Its key export products are iron ore and oil. Countries he is most interested are in Latin America and would include Chile, Peru and Mexico. One stock he has been buying recently is this Peruvian bank. Peru’s growth has slowed a little last year, but this is a pretty diversified country, compared to Brazil.