By Brazil Stock Guide — Foreign investors posted a net inflow of R$9.11 billion into B3 in September 2026, the strongest monthly result since March, according to a survey by Elos Ayta.
The September figure marked a sharp reversal from August, when foreign investors withdrew R$18.12 billion from the Brazilian stock market. The latest inflow recovered roughly half of the previous month’s outflow.
The improvement came alongside a significant increase in trading activity by overseas investors. Purchases reached about R$436.3 billion in September, up roughly 21% from August, while sales totaled R$427.2 billion, an increase of around 13%.
With purchases rising faster than sales, the net flow moved back into positive territory. September was the fourth-strongest month for foreign inflows in 2026, behind only January, February and March, when international investors poured substantial amounts of capital into Brazilian equities.
The September balance was also unchanged whether or not investments in initial public offerings and follow-on share sales were included, indicating that public offerings made no material additional contribution to the monthly figure at the level of precision reported by Elos Ayta.
Quarter still ends with net outflows
Despite September’s rebound, the inflow was not enough to offset withdrawals earlier in the quarter. Foreign investors recorded a net outflow of R$6.45 billion in the third quarter, excluding IPOs and follow-ons. Including those transactions, the quarterly outflow narrowed to R$4.70 billion.
Still, the pace of withdrawals slowed sharply from the second quarter. Excluding offerings, the third-quarter outflow was about 67% smaller than in the April-to-June period. Including IPOs and follow-ons, the decline was approximately 73%.
For the first nine months of 2026, foreign investors remain net buyers of Brazilian equities. Net inflows total R$27.40 billion excluding offerings, while the figure rises to R$32.03 billion when IPOs and follow-ons are included.
The September data point to a meaningful recovery in foreign appetite for Brazilian stocks after August’s heavy selling. But the recent volatility in monthly flows suggests that one positive month alone is not enough to establish a sustained return of foreign capital.
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