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From stocks to bonds to the beleaguered peso, markets are sounding the alarm about Mexico's future under a new U.S. president.

An exchange-traded fund focused on the Latin American nation's shares has the most bearish bets of any country, while hedge funds including Finisterre Capital in London are pouring into credit-default insurance on Mexican bonds.

Societe Generale projects the peso will keep underperforming emerging-market peers as the country comes under attack in one of the most rancorous U.S. election campaigns in memory.

Money managers are piling into bearish positions as U.S. Republican candidate Donald Trump, who's leading in some opinion polls, proposes seizing remittances, increasing deportations and leaving the North America Free Trade Agreement, under which Mexico boosted exports sevenfold.

Even Democrat Hillary Clinton has called the deal a "mistake," throwing the fate of $300 billion in Mexican exports into question.

"Mexico will struggle until there's clarity on who will be the next U.S. president and what the trade situation will be," said James Redpath, who oversees C$4 billion ($3 billion) of bonds at Mawer Investment Management in Calgary.

Since Trump began his presidential bid, Redpath slashed the allocation of peso-denominated government bonds in his fund to 4.5 percent from as high as 7.5 percent.

Any sign the new U.S. president will seek to renegotiate NAFTA, enacted in 1994, puts the spotlight on Mexico because the country exported $322 billion of goods to the U.S. and Canada last year, almost seven times more than the next 13 biggest trading partners combined, according to data compiled by Bloomberg.

With just three months to go before Americans vote on their new leader, the peso is underperforming all emerging-market peers save Argentina, slumping 8.7 percent against the dollar this year.

In June, Citigroup and Barclays said shorting the peso was one way to hedge against a Trump victory. The currency fell 0.5 percent on Monday, trading at 18.8429 per dollar at 2:20 p.m. in New York.

Credit and equity markets are also showing signs of stress. CDS contracts climbed 15 basis points to 152 last week since touching an eight-month low on July 13.

That puts Mexico, rated at Moody's Investors Service's seventh-highest investment grade, in the company of countries like Bulgaria and Italy, which are ranked two steps lower.

Short interest on the iShares MSCI's Mexican ETF jumped to 40 percent of outstanding shares on July 28, more than five times the level seen before the 2012 presidential elections.

"The place where we are most negative is Mexico," said Damien Buchet, a partner at Finisterre, which oversees $3 billion of emerging-market debt and bought CDS on government debt during the July dip.

"We currently see a negative momentum developing on the macro side, and we see potential event risks related to the Trump presidency."

Some of the bearishness started even before Trump and Clinton took to the campaign trail. Mexico's current-account deficit has widened as oil slid 60 percent in the past two years and the country is vulnerable to outflows as the Federal Reserve resumes interest-rate hikes.

While growth in the $1.1 trillion economy accelerated between 2013 and 2015, economists have slashed almost a percentage point from this year's forecast since last July, although it's faring better than Brazil and Argentina, which are mired in recessions.

Latin America's second-biggest economy still has a lot of fans with deep pockets, evidenced by foreign ownership of local sovereign debt remaining at 60 percent for two years.

Billionaire Bill Gross included Mexican inflation-linked notes among the top five holdings of his $1.5 billion bond fund as of June 30. Michael Hasenstab put almost 16 percent of San Mateo, Calif.-based Franklin Templeton's $47 billion fund into peso debt as of June 30, the single largest investment and up from a 12.7 percent allocation at the end of 2015.

On the opposite side of the Atlantic, Aberdeen Asset Management, which oversees about $11 billion of developing-nation debt, has a "modest overweight" on the peso, according to money manager Brett Diment.

"It's very clear its underperfomance is due to technical factors and not to anything fundamental," Hasenstab, Templeton's chief investment officer, said in a video interview posted on the firm's YouTube channel on July 28 and recorded June 22.

Yet market projections suggest further losses lie ahead. Derivatives traders are close to the most bearish in five months on the peso, according to one-year risk reversal data compiled by Bloomberg. The currency weakened 2.5 percent in July.

A bond rout that left investors in Mexican local-currency debt nursing losses of 7.9 percent in dollar terms in the past three months, the most after Nigeria among 31 peers, also has further to run.

Yields on 10-year bonds will increase to 6.22 percent by Dec. 31 from 5.95 percent on Monday, the median of six forecasts compiled by Bloomberg shows.

"We are refraining from buying Mexican investment-grade credits because of the risks around a potential Trump presidency and what it would mean for Mexican corporates operating on both sides of the border," Buchet of Finisterre said. "We're happy to avoid them."