Led by Gol's 124% share price increase, Latin America's airlines are all showing year-to-date gains, as is American Airlines, the largest U.S. carrier in the region.
One investment manager who has been betting on Cuba for decades remained undeterred by President Trump's Cuba pullback.
United partner Copa Airlines, which has a fortress hub in Panama City, provides a way to buy into Latin America's growth. Shares are up 116% in the past 52 weeks.
Copa Airlines' CEO has seen shares gain 18% year to date thanks to a first class hub in Panama City and the region's improved airline economics.
The big market averages may not be doing much, but a handful of individual stocks are breaking out this winter.