Westwood Global Investments, LLC

The AUM expansion from $1.97B to $2.68B is the most notable macro signal. Q4 2025 showed Westwood running a compressed book — possibly reflecting EM risk-off sentiment, currency headwinds, or a deliberate de-risking ahead of uncertainty. The Q1 re-expansion suggests the manager is now adding back into the EM and international names that were reduced last quarter. The mix of new positions and increases against a backdrop of seven reductions reads as selective re-accumulation rather than indiscriminate buying.

The value overlay is visible in the security selection. Brazil's Itau is one of the best-capitalized retail banks in Latin America, trading at a fraction of U.S. bank multiples. Buenaventura represents gold and copper exposure at a juncture where commodity sentiment has been volatile; a value manager adding to a precious-metals miner is making a contrarian call on the commodity cycle. TSMC at a meaningful weight reflects the secular-semiconductor thesis applied through a valuation-aware lens. América Móvil is a dominant Latin American telecom with a dividend profile that fits an income-oriented value mandate.