In Mexico, retail sales are strengthening as consumers shift to more formal outlets. For instance, same-store sales at Walmex, Mexico’s unite for discount retailer Walmart, rose to 7.5% in May, beating expectations of 4% to 5% month-over-month growth.

Meanwhile, in Chile, the economy is picking up speed and expanding quicker than it had in 2014.

Of the 20 fund managers surveyed, 11 were overweight Mexico, compared to nine in December, and 10 were overweight Chile, up from three.

“That gradual growth we’ve been talking about over the last two years is picking up pace,” Will Landers, head of LatAm equities at BlackRock, said in the FT article.

For more information on the Latin American economies, visit our Latin America category.

Max Chen contributed to this article.