The Peruvian inventory market has emerged as an unlikely winner as international markets develop into engulfed by uncertainty. The S & P Peru Complete Index has soared 23% in 2026 and is up greater than 75% over the previous 12 months. It is outperforming not solely the S & P 500 — down 2% 12 months up to now and up 19% up to now 12 months — additionally it is outpacing the MSCI Rising Markets index , which has gained 30% in a 12-month span and 4% for the 12 months. The iShares MSCI Peru and World Publicity ETF (EPU) can be up greater than 13% this 12 months. The important thing to Peru’s success comes from the commodities house, particularly gold and copper, as buyers intention to capitalize on the continued synthetic intelligence increase and hedge towards rising geopolitical dangers. And with Peru anticipated to welcome a extra pro-markets authorities this April, Peru appears poised for even better beneficial properties within the close to future. EPU YTD mountain EPU in 2026 “In case you do get an end result the place political stability improves, that’s … grounds for upward revision of GDP [and] a rise in enterprise confidence,” Ola El-Shawarby, portfolio supervisor for VanEck’s Rising Markets Fund, instructed CNBC. “Coupled with commodity pushed tailwinds, that places Peru in a reasonably fascinating spot.” Demand for copper is rising amid a increase in AI information facilities, which depend on the commercial metallic for quick, high-efficiency energy distribution, El-Shawarby mentioned. Over the subsequent decade, 3,226 information facilities are anticipated to be constructed worldwide, in response to international know-how intelligence agency ABI Analysis. The fabric can be a vital part of {the electrical} grids that provide energy to information amenities, El-Shawarby famous. “AI is a giant driver structurally going ahead, and also you want for that an funding within the energy grid,” El-Shawarby mentioned. “So, between the electrification commerce extra broadly, after which particularly, investments into information facilities, copper is a key part for these buildouts.” Demand for copper additionally exceeds reserves, making Peruvian shares the beneficiaries of present structural and provide constraints. “The provision of copper is kind of constrained, and the flexibility to convey on new provide is harder than earlier cycles and in addition takes for much longer, so international locations like Peru and Chile with their good reserves and exports of copper, are positively on the forefront of benefiting from that,” El-Shawarby instructed CNBC. The worth of copper has risen 20% over the previous 12 months. It is also up greater than 2% in 2026. @HG.1 1Y mountain Copper 1-yr chart Protected-haven commerce additionally a lift Surges in gold and silver— conventional safe-haven belongings — additionally stand to energy Peruvian markets, the analyst famous. Peru boasts 3.9% of the world’s gold reserves and 21.8% of its silver , in response to an EY report printed final 12 months, which cites information from the U.S. Geological Survey . Gold is up roughly 81% over the previous 12 months, whereas silver has risen 176% throughout the identical interval. “Gold is now not being positioned simply as an uncertainty hedge or inflation hedge, but additionally there’s an rising part of gold demand being structural, particularly by the likes of central banks globally, pushed by a diversification away from the greenback,” El-Shawarby mentioned. As international demand for treasured metals grows, Financial institution of America sees a 29.4% enhance in Peruvian commerce for 2026, in response to its latest word to shoppers. “We foresee a sustained export increase boosted by the phrases of commerce (primarily metallic export costs) [and] an enchancment in enterprise confidence reinforcing a virtuous cycle between funding, labor, and consumption,” BofA wrote within the word dated March 5. Commerce tailwinds have already been a giant boon for Peru. From January to October 2025, the nation’s exports hit $49.63 billion, up 24.6% from the identical interval a 12 months earlier, in response to Peru’s Ministry of Power and Mines . To make certain, Peru’s economic system and markets might nonetheless face a major shock as international oil costs rise as a result of Iran Battle. Oil costs surged to greater than $110 for the primary time in 4 years on Monday, simply 9 days after the U.S. and Israel started to wage battle towards Iran. Nonetheless, larger copper and gold export costs could “greater than offset” the influence of upper oil import costs linked to a rising battle within the Center East, in response to Financial institution of America analysts. As well as, the Iran battle could drive investments into international markets as a method of portfolio derisking and diversification, Change World Funding founder Thea Jamison instructed CNBC. That might drive contemporary flows to Peru, and even different Latin American markets. “This flare up is just going to amplify the necessity, the will, the route in direction of international diversification, which in the end will profit rising markets,” Jamison mentioned. Methods to commerce Traders searching for publicity to the Peruvian inventory market can achieve this via the EPU ETF. It fees 0.59% in charges. The fund additionally posted beneficial properties within the final three years and has outperformed the iShares MSCI Rising Markets ETF (EEM) in 4 of the final 5 years. There are additionally some U.S.-listed firms within the fund, together with Credicorp , a financial institution, and miner Compania de Minas Buenaventura . Credicorp has popped almost 15% in 2026, whereas Buenaventura — which mines gold, silver and different metals — has soared 28%.