What is happening to our peer emerging markets in Latin America? We tend not to pay much attention. Understandably, India and China tend to be the role models as they have had much more impressive growth without the political turmoil. Yet SA investors have found evergreen shares in South America. Coronation and more recently Old Mutual have taken shares in Kroton, a Brazilian private-education business. And Walmart de Mexico is often considered a more promising share than its parent company. Admittedly, there is less long-term investment in Argentina — the only country so far to be relegated from developed not just to emerging-market status, but to frontier status, alongside Senegal and Bangladesh. I was grateful to get an update from Gustavo Stenzel, who runs the Franklin Templeton Latin America Fund. GDP growth is in a similar space to SA — it was 1.7% in 2017 and is expected to rise to 2% this year. It has been helped by higher commodity prices and low inflation, though Donald Tr...

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