Mutual funds have now recorded six consecutive months of purchases of Falabella shares, just one month short of matching their own record streak of seven. SMU has also accumulated six straight months of buying activity, approaching its historic record of nine months. Meanwhile, Cencosud has posted four consecutive months of purchases, although this follows a recent shift in sentiment: institutional investors sold the stock for six straight months between November 2025 and April 2026, tying the longest selling streak in its history, before resuming purchases in May.
Across the entire market, mutual funds purchased US$1.586 billion worth of Chilean equities over the last twelve months, including US$243.6 million in August alone, more than triple the amount purchased in July. Over the same twelve-month period, the retail sector received CLP 392.87 billion in net inflows, the highest among the eleven sectors that make up the local stock market and 1.8 times the inflows received by the banking sector as a whole (CLP 219.03 billion).
Of that total, however, CLP 309.73 billion, or 79%, was concentrated in a single stock: Falabella. Forty mutual funds currently hold positions in the company, and together they own 3.37% of Falabella’s total outstanding shares.
SMU and Cencosud account for most of the remaining buying momentum, with net inflows of CLP 34.16 billion and CLP 18.31 billion, respectively, over the last twelve months. Ripley Corp and Hites have also posted positive net inflows during the period (CLP 24.99 billion and CLP 1.05 billion, respectively), although neither stock is currently experiencing an active buying streak.
Not all of the year’s activity was focused on purchases. Aguas Andinas was the most heavily sold stock by mutual funds over the last twelve months, posting net outflows of CLP 31.38 billion. It was followed by Enel Américas (CLP 20.21 billion) and Empresas CMPC (CLP 19.82 billion) in net sales.
SAAM and Mall Plaza completed the list of the most sold stocks, with net outflows of CLP 11.28 billion and CLP 11.22 billion, respectively.
SalfaCorp: The Other Record-Breaking Streak
While retail-sector investments have become increasingly concentrated around Falabella, mutual funds have been driving a parallel trend within the construction sector through SalfaCorp.
The stock has accumulated eleven consecutive months of net purchases, from October 2025 through August 2026, matching the longest buying streak ever recorded for the company. Twenty-two mutual funds currently hold 13.03% of SalfaCorp’s ownership, representing 1.92% of the entire Chilean equity portfolio held by the mutual fund industry, a significant weighting for a mid-cap stock.
A comparison with SalfaCorp’s historical trading patterns adds further perspective. Its longest selling streak lasted 15 consecutive months, between 2013 and 2014, more than a decade ago. As such, the current trend is not merely a rebound from a recent exit. Rather, it reflects a stock that spent years outside investors’ focus and has now become one of the clearest institutional bets of the year.
August: The Month’s Biggest Buys and Sells
Of the CLP 226.36 billion (US$243.6 million) that mutual funds invested in the Chilean equity market during August, LATAM Airlines was the most purchased stock, attracting CLP 52.80 billion in net inflows.
It was followed by:
- Falabella: CLP 43.99 billion
- SQM: CLP 38.87 billion
- Mall Plaza: CLP 28.86 billion
- Parque Arauco: CLP 20.39 billion
These five stocks represented the strongest buying activity of the month.
In contrast, Enel Américas led monthly sales with net outflows of CLP 16.36 billion, followed by:
- Engie Energía Chile: CLP 4.77 billion
- BCI: CLP 4.65 billion
- Ripley Corp: CLP 3.70 billion
- Compañía Sud Americana de Vapores (Vapores): CLP 3.66 billion
These stocks rounded out the list of the most heavily sold securities during the month.
Source: El Mercurio Inversiones.
