The Brazilian market has been a bright spot among global markets and emerging markets specifically in recent months but which are the names really driving this performance?

In this article we highlight the names in the MSCI Brazil index with the chunkiest weightings to discover what they do and what underpins their business. The financial and resources sectors dominate the index, with a combined weighting of nearly 70%.

Nu Holdings

This digital banking platform operates across Brazil, Mexico and Colombia and has upwards of 100 million customers. Earnings have been growing rapidly and the company reported revenue of $3.2 billion and net income of $557 million in the first quarter of 2025.

Itau Unibanco

Formed through the merger of Banco Itaú and Unibanco in 2008, this is a more established Brazilian banking institution. It posted 9.4% growth in operating revenue to $8.2 billion for the first three months of 2025.

Petrobras

This majority state-owned outfit is focused on the petroleum industry. The company’s operations run the full gamut from exploring for and producing oil and gas to refining, transporting and marketing hydrocarbon products. Its latest update in May 2025 revealed an improvement in cash flow.

Vale

Mining firm Vale is one of the largest producers of iron ore and nickel globally and also owns significant logistics infrastructure, including railways, in Brazil.

This outlook is part of a series being sponsored by Templeton Emerging Markets Investment Trust. For more information on the trust, visit www.temit.co.uk

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