Canada's Canada Pension Plan Investment Board (CPPIB) has exited its positions in Brazil's leading fuel retailers Vibra and Ultrapar, according to The Rio Times.
The divestment marks a shift in institutional ownership for the two companies, which have been focal points for emerging-market energy exposure.
The exit comes despite sustained bullish sentiment from Wall Street analysts.
JPMorgan recently reaffirmed its overweight recommendation on both Vibra (VBBR3) and Ultrapar (UGP), citing confidence in the structural strength of Brazil's fuel distribution sector.
The bank's stance reflects a positive outlook on the industry's operational environment and margin potential.
JPMorgan also maintained a buy rating on Ultrapar's preferred shares (UGPA3), projecting a period of substantial dividend payouts for the conglomerate.