Itau USA Asset Management Inc.

Itau USA Asset Management Inc. is the U.S.-based institutional asset management arm of Itaú Asset Management, part of Itaú Unibanco Holding S.A., one of Latin America’s largest financial groups. Headquartered in New York, NY, the firm provides U.S.-domiciled institutional investors with access to Itaú’s emerging markets and Latin America investment capabilities across equity and fixed-income strategies. Operating as an SEC Registered Investment Advisor, Itau USA Asset Management Inc. typically manages mandates for institutions such as pension plans, insurers, endowments, foundations, and other professional allocators. Portfolios are commonly delivered through segregated accounts and institutional funds, focusing on emerging markets (EM) and Latin American equities, hard- and local-currency debt, and multi-asset solutions that leverage Itaú’s on-the-ground research network in Brazil and across the region. The firm files Form 13F with the U.S. Securities and Exchange Commission under CIK #0001541597. These filings disclose its long positions in reportable U.S.-listed securities—a mix of U.S. companies and, importantly, American Depositary Receipts (ADRs) and other U.S.-traded lines of Latin American and broader EM issuers. The 13F reports do not include non-U.S. local listings, local-currency bonds, most hard-currency EM debt, derivatives, or cash, which are central to Itaú’s EM and LatAm strategies. As such, the 13F dataset provides a partial view: the U.S.-traded equity sleeve of broader, globally implemented EM and LatAm portfolios. On this platform, Itau USA Asset Management’s 13F History is organized into a time series of quarter-end holdings, allowing allocators to see how its U.S.-listed exposures—by issuer, country proxy, and sector—have evolved across different market and macro regimes.

Itau USA Asset Management Inc. implements Itaú Asset Management’s fundamental, research-driven approach to emerging markets and Latin America for U.S.-based clients. The house philosophy combines bottom-up company analysis with regional and global macro context, aiming to identify mispriced securities where structural and cyclical forces are not fully reflected in valuations. For equities, the core elements of the process include: - Company-level fundamental analysis, with emphasis on earnings quality, cash-flow generation, balance-sheet strength, and corporate governance. - Assessment of structural themes—such as financial deepening, consumption growth, infrastructure investment, energy and commodities cycles, and regulatory and political developments—particularly within Latin America. - Relative-valuation work across countries and sectors, taking into account currency dynamics, sovereign risk, and local market structure. The investable universe spans both local listings and U.S.-traded securities (ADRs, dual listings, and U.S. corporates with EM revenue exposure). In the 13F context, what appears is the subset of this universe that trades on U.S. exchanges. These positions often include: - ADRs of Latin American financials, materials, and energy companies. - Global and regional consumer and industrial franchises with significant EM/LatAm exposure. - Select U.S.-domiciled companies used in global or EM equity strategies when they fit the fundamental and valuation criteria. Portfolios are diversified across countries and sectors but can exhibit meaningful active tilts relative to standard EM or global benchmarks, given Itaú’s views on local macro, currency, and political risk. Turnover is moderate: positions are typically held across a one- to three-year horizon, with adjustments driven by changes in fundamentals, valuation signals, and macro risk assessment rather than short-term trading. Within this platform, the 13F Portfolio Composition view allows allocators to decompose Itau USA Asset Management’s disclosed U.S.-listed holdings by sector, region of underlying economic exposure (for example, Latin America via ADRs versus U.S. domestic), and market-capitalization band. Combined with the Portfolio Simulator and Backtesting Service, users can construct a rules-based historical replication of the reportable sleeve to study how Itaú’s EM and LatAm equity implementation has translated into observable capital trajectories within the U.S.-listed universe.

Itau USA Asset Management Inc. is the New York-based institutional gateway to Itaú Asset Management’s emerging markets and Latin America capabilities. Its Form 13F filings under CIK #0001541597 offer a structured look at the U.S.-listed equity portion of those strategies, dominated by ADRs and global issuers tied to Latin American and broader EM growth, alongside select developed-market names. From the 13F perspective, key observable characteristics include: - A fundamental, EM/LatAm-oriented equity discipline implemented through U.S.-listed securities, with sector tilts toward financials, materials, energy, and consumer/industrial cyclicals. - Moderate turnover and multi-quarter holding periods aligned with Itaú’s bottom-up, macro-aware investment horizon. - A risk profile shaped by emerging markets equity, currency, and commodity dynamics, overlaid on global equity-market cycles. Within this analytics environment, a reconstructed Historical Track Record based on Itau USA Asset Management’s 13F History allows allocators to examine how the reportable U.S.-listed sleeve has behaved across different EM and global regimes. By integrating 13F Portfolio Composition analytics with risk measures such as Max Drawdown Depth and efficiency metrics like Sharpe Ratio, practitioners can form a data-grounded view of the capital trajectory and risk-adjusted outcomes associated with the firm’s observable equity exposures. The central analytical question for allocators is how this EM- and LatAm-linked, U.S.-traded equity profile—seen solely through 13F filings—interacts with the broader local-market equities, fixed income, and currency exposures that Itaú manages off the 13F grid, and whether that combined regime sensitivity aligns with the role they intend an Itau USA Asset Management mandate to play within a diversified, multi-manager portfolio.

The risk profile of Itau USA Asset Management Inc., as seen through its 13F filings, reflects that of an emerging markets and Latin America-focused equity manager implemented via U.S.-listed securities. Even though end-client portfolios typically blend equities with fixed income and cash, the 13F dataset isolates the long equity component, which is exposed to several layers of risk: - Equity market risk: The reported holdings are subject to global equity drawdowns and factor rotations, with volatility characteristics closer to emerging markets and cyclically sensitive sectors than to defensive developed-market portfolios. - Regional and political risk: Many holdings are economically linked to Latin America and other EM regions, making the reconstructed sleeve sensitive to local political developments, regulatory changes, fiscal and monetary policy shifts, and sovereign-risk repricing. - Currency and commodity exposure: Underlying issuers often have revenues and costs in non-USD currencies and are, in some cases, tied to commodity price cycles (for example, energy and materials), introducing indirect FX and commodity risk even when positions are held via U.S.-traded ADRs. - Sector tilts: The value and income opportunities in LatAm and EM frequently reside in financials, materials, energy, and cyclical consumer or industrial names. This leads to sector skews relative to developed-market benchmarks and can amplify sensitivity to credit conditions, commodity price shocks, and growth expectations. Diversification across issuers and countries mitigates single-name and single-country risk, but a finite set of larger positions in key regional franchises can still concentrate exposure. Moreover, the combination of EM equity and sector-cyclical risk implies that drawdowns in the reconstructed 13F sleeve can be deeper and more abrupt than in developed-market-only allocations. On this platform, a 13F-based replication of Itau USA Asset Management’s U.S.-listed equity sleeve can be evaluated with risk diagnostics. Metrics such as Max Drawdown Depth quantify the most severe peak-to-trough capital declines observed in the reconstructed holdings over user-defined horizons, while a Sharpe Ratio lens helps relate realized variability to the excess compounding achieved versus a cash proxy. Scenario analysis and stress testing—delivered via Performance Backtests Online—can be used to examine how the observable sleeve might have behaved during periods such as commodity super-cycles, EM sell-offs, currency crises, or shifts in U.S. and Brazilian rate regimes. Because Form 13F does not capture local-currency holdings, sovereign and corporate bonds, derivatives, or non-U.S.-listed equities that are central to Itaú’s EM and LatAm platforms, these analytics should be interpreted strictly as a view of the long U.S.-traded equity component, not of the full economic exposure of client mandates.