Emerging markets are hot, but volatile, as the end of the year approaches, and most of us have better things to do than ride herd on a flock of growth stocks that are acting like a box of puppies.  It’s a good time to look for a strong stock with some good defensive characteristics that won’t spring an unpleasant surprise on you while you’re shopping for a Christmas tree.

And Itaú Unibanco (ITUB) definitely qualifies.  This Brazilian banking giant is hugely liquid (trades over 12 million shares a day on average), pays a dividend (forward annual dividend yield of 0.30%) and has an estimated forward P/E ratio of just 15.

The bank has a number of breezes at its back, including Brazil’s scheduled hosting of both the Olympics in 2016 and (perhaps even a bigger deal for futbol-mad Brazilians) the World Cup in 2012.  The anticipated influx of global capital is expected to keep Brazil’s economy ticking over nicely, and Itaú Unibanco’s size (market cap of $108 billion) and the strength of the Brazilian real make the bank a great partner for international developers.

ITUB has come a long way since it bottomed at 8 in March and it has just cleared its all-time highs.  All in all, it’s an attractive package.