Bancolombia (CIB), mcap=$6.1bn, price $25.46 vs $28.20

Colombia’s largest bank at 5xPE and 0.9xBV – cheap historically and vs Latam peers.
Partially macro and political bet on Colombia’s economy as well as rerating of Colombian equities.
Concerns over the New Regime & Socialism are overblown.
10% dividend yield while waiting for re-rating.