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  "notes": "The chart uses a waterfall-style stacking to show the contribution of different factors to total return.",
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      "text": "Sources of global equity returns",
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      "kind": "disclaimer",
      "text": "Source: FactSet, MSCI, Standard & Poor's, J.P. Morgan Asset Management. All return values are MSCI Gross Index (official) data, except the U.S., which is the S&P 500. *Multiple expansion is based on the forward P/E ratio and EPS growth outlook is based on NTMA earnings estimates. 15-year ann. period is a 15-year rolling period annualized. Chart is for illustrative purposes only. Past performance is not indicative of future results. Guide to the Markets – Latin America. Data are as of March 31, 2026.",
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      "text": "Total return, Earnings, Dividends, Multiples, Currency",
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      "text": "Total return: 55.7%",
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      "kind": "title",
      "text": "Global equity markets",
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      "beatName": "Satisfaction",
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      "evidence": "The detailed country insights and market analysis provide satisfaction.",
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