巴黎银行-拉丁美洲-投资策略-市场修正和风险溢价模型：我们看到它的到来-20180205-11页.pdfVIP

LATIN AMERICA STRATEGY Please refer to important information at the end of the report Market correction and risk premium model: we saw it coming This document has been produced by:  This is a follow-up on our publication from 04 January: Risk premium update: Our Banco BNP Paribas Brasil S.A. model advises caution Gabriel Gersztein  Back at that point, we argued that the combination of a low perceived risk Head of GM Latin America Strategy (BNPSGRX Index) and low risk premium (BNPSGRP Index) suggested a high Commodity Quant Strategy likelihood that a correction would take place in the short-term. +55 11 3841 3421 hile the correction took one month to materialize, the sell- ff has finally taken  W o Gustavo Mendonca place: fast and deep. FX IR Latin America Strategy  We update our models after the latest move in the market. Both models’ values Commodity Quant Strategy eem normalized now. We continue to hold hedges fo our existing core allocations, s r +55 11 3841 3445 though: market positioning continues to pose a risk. Samuel Castro FX IR Latin America Strategy Risk and risk appetite Commodity Quant Strategy We assume that risk is structural, while ris