The historical cycle between US and Latin American equities is well established — while investors often forget, leadership between these regions has historically rotated.

Some years the US leads, other years Latin America takes the spotlight.

We’ve just come through one of the longest stretches of US outperformance relative to Latin American markets on record.

At some point, that cycle reverses.

The potential peak of the US dollar likely sets the stage for a notable shift in relative equity performance, in my opinion.