If you’re optimistic that the global recovery is gaining momentum, you might want to take another look at Latin America. Although Brazil is down about 9% over the past 3 months, Will Landers, who is senior portfolio manager for BlackRock’s suite of Latin America equity funds, thinks the momentum is about to change.In fact, he’s so optimistic, he’s putting a lot of weight on Brazil in the BlackRock Latin America Equity Fund. Take a look at the weightings.

BlackRock Latin America Equity Fund Country WeightingsBrazil – 69.3%Mexico – 16.8%Chile – 3.8%Peru – 2.8%However, Landers doesn’t suggest playing the EWZ . “You need to do stock picking; you can’t just buy Brazil overall,” he says.That’s because for the past couple of quarters the government has moved to weaken the currency and reduce spreads. In turn, that has hurt some large cap stocks in Brazil – which make up the EWZ. (That's why it's down 9% over 3 months.)

Instead Landers says to look at “the exporters that benefit from the currency move.” And that he says is Vale .In addition, Landers cites other tailwinds. He likes the management team and thinks the stock is cheap. “Vale trades around 5 times earnings with a 3.5% dividend yield.” Also he says, the stock has under-performed other mining stocks. "I think it has some catching up to do."

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