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2 minutes to read by  G.Giammattei, C.Enemaerke, CFA, RBC Emerging Markets Equity team Feb 11, 2026

2026 is a notable election year in Latin America, with a number of elections set to shape the region and determine its future. On a recent trip to Brazil and Chile, meetings with management teams of our companies and attendance at an investor conference meant that we gained fascinating insight into views on the ground.

Key takeaways

  • Right-wing candidates are gaining traction: voters are increasingly prioritising security and economic predictability over ideology, and are gravitating toward candidates promising order, discipline, and tangible growth prospects.

  • A new stage for Chile: new right-wing president José Antonio Kast is likely to pursue incremental changes including ministry appointments, pro-business reforms and R&D tax incentives. Yet while his intentions are undeniably constructive, the “how” remains unclear.

  • Brazil's October election remains uncertain: significant developments are likely between now and the election date, with potential for positive change.

  • Resilience of Brazilian corporates: the country’s leading companies have consistently delivered strong returns despite elevated interest rates, inflation, and political volatility in recent years. This underscores their operational strength and the quality of management.

  • A region well positioned for growth: Latin America can benefit from global commodity demand, clean energy transitions, nearshoring trends, and digital modernisation. Yet, the question remains as to whether leaders can genuinely respond to voters’ demands.
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RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC.

In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional), each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

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This material has not been reviewed by, and is not registered with any securities or other regulatory authority, and may, where appropriate and permissible, be distributed by the above-listed entities in their respective jurisdictions.

Any investment and economic outlook information contained in this material has been compiled by RBC GAM from various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions in such information.

Opinions contained herein reflect the judgment and thought leadership of RBC GAM and are subject to change at any time. Such opinions are for informational purposes only and are not intended to be investment or financial advice and should not be relied or acted upon for providing such advice. RBC GAM does not undertake any obligation or responsibility to update such opinions.

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© RBC Global Asset Management Inc., 2026
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