This webinar was hosted by Milosz Papst, head of investment trust content at Edison, and featured Sam Vecht, lead co-manager of BlackRock Latin American Investment Trust (ticker: BRLA). This was a lively session interspersed with questions from the audience. Sam started by explaining how Latin America is underrepresented in global indices, compared with its contribution to global GDP. He highlighted the importance of regular visits to the region, meeting many people, not just corporate executives, to really understand how the different countries operate. Sam discussed the inexpensive company valuations in Latin America, despite a very strong market in 2025. He is particularly positive on the prospects for Brazil, which has record-high real interest rates. Once rates start to come down, he anticipates significant inflows into the Brazilian stock market from both domestic and international investors. Latin America has a busy election cycle this year; the Brazilian general election will be held in October 2026.

This report is the second in our series on decarbonising the built environment. While our first report focused on building materials, this report tackles two of the sector’s most critical and emissions-intensive inputs: cement and steel. Together, these materials account for approximately 16% of global CO2 emissions and sit at the heart of modern construction. They are also difficult to decarbonise as their respective production processes are heat intensive, assets are long lived and margins are typically thin. Regulation, customers and capital are increasingly pushing for lower-carbon materials and new technologies are emerging, including clinker substitution and carbon capture in cement, and greater scrap use, electrification and hydrogen-based routes in steel. The investment cycle will mean that the transition takes time, but materials producers will need to adapt.

Stock picking in a broadening market – a conversation with Randy Baron of Pinnacle Associates

Immuno-oncology (IO) has transformed cancer treatment, shifting the paradigm from cytotoxic and targeted therapies to immune-driven disease control (harnessing the body’s own immune system). Immune checkpoint inhibitors (ICIs), CAR-T cell therapies and cancer vaccines have produced durable responses in defined patient populations; however, the first wave of IO is approaching clinical and commercial saturation. ICI response rates remain limited to c 20–40% in solid tumours, while CAR-T therapies, despite curative potential in haematological malignancies, are restricted by high cost, complex manufacturing, immune-related toxicities and lower efficacy in solid tumours. Earlier cancer vaccines also failed to show consistent benefit. These constraints are driving next-generation approaches, focused on platforms that actively programme immune responses, rather than simply releasing inhibitory checkpoints. This report examines key innovation vectors shaping the next phase for this sector.

By Michael Kokalari CFA, chief economist, and Thai Thi Viet Trinh, senior economist.

Avino Silver & Gold Mines is an established Mexican silver producer, which is planning to grow from 2.5Moz per year to 8–10Moz per year in the next five years. This video includes operational footage and covers how bringing on the company’s La Preciosa deposit is a key part of this growth strategy.

Pan American Silver (PAAS) is one of the largest global primary silver producers and a sizeable gold miner with operations in North, Central and South America since 1994. Its portfolio includes 10 producing operations, the currently suspended top tier Escobal silver mine and a number of large-scale advanced exploration/development projects.

Below we highlight five key reasons why PAAS represents an exciting investment case:

1. Exceptional exposure to silver through existing operations and growth projects.
2. Well-timed and value-accretive M&A strategy.
3. Juanicipio acquisition has a strong rational and offers significant upside.
4. Record financial performance driven by commodity prices and M&A.
5. Strong earnings momentum supports shareholder returns.

For more information on PAAS, please see our website.

What is AI slop and why should investors care?

BlackRock Latin American Investment Trust (BRLA) seeks long-term capital growth and an attractive total return, primarily through investing in quoted Latin American securities. The benchmark is the MSCI Emerging Markets Latin America Index.

There are four key reasons why BRLA represents a compelling investment case:

1. The trust focuses on capital growth and an attractive total return from Latin American stocks.
2. Latin America has above-average growth prospects and is attractively valued.
3. Stocks are primarily selected on a bottom-up basis, and the managers are not afraid to invest ‘away from the crowd’.
4. BRLA has a formalised NAV-based dividend policy and a discount control mechanism.

For more information on BRLA, please see our website.

In this interview, Pan American Silver president and CEO Michael Steinmann discusses the company’s strategic focus on acquiring and developing high-quality, long-life assets to complement its status as the world’s second-largest primary silver producer. He details the company’s growth options, including the optimisation of the Jacobina mine in Brazil and the newly announced staged development approach at the world-class La Colorada Skarn deposit in Mexico. He also covers the impact of the recent acquisition of a 44% stake in the Juanicipio mine, noting it has significantly lowered silver costs while generating strong cash flows that support increasing shareholder returns through dividends and share buybacks.

Pan American Silver is one of the largest global primary silver producers and a sizeable gold miner, with operations in North, Central and South America since 1994. It owns 11 producing operations, the currently suspended top-tier Escobal silver mine and a number of large-scale advanced exploration and development projects.