The bank cited the easing of political uncertainty and discounted valuations. BofAML added Cia Energetica de Minas Gerais, Gol Linhas Aereas Inteligentes SA, CVC Brasil Operadora e Agencia de Viagens SA, Magazine Luiza SA and Banco Santander Brazil SA to its portfolio, while increasing exposure to Banco do Brasil SA, B3 SA and Petroleo Brasileiro SA. Klabin SA, Tim, Ambev SA, Energisa, JBS SA and Gerdau SA were removed.
