1. Introduction
We believe the November 16, 2025 general election in Chile represents a rare inflection point for equity investors. Recent polls place José Antonio Kast, leader of the Republican Party, in first place for the opening round, and in many scenarios he is favored to prevail in the runoff.
A Kast victory would likely deliver a more market-friendly administration centered on pro-investment reforms, regulatory clarity, and fiscal discipline; a combination that could materially reduce political risk and reopen the door for foreign capital inflows into Chilean equities.