This is intended to be the most comprehensive piece on the sector. We have dedicated a tremendous amount of effort to producing what we believe is the ultimate LATAM playbook.
Exceptional work. The Brazil cost of capital framework — comparing MSCI inclusion to Champions League TV rights — is one of the clearest explanations I’ve seen of why domestic mid-caps trade at such a structural discount to globally-listed peers.
The Vaca Muerta section is particularly compelling. The well productivity comparison against the Permian and Bakken puts the geological quality into perspective in a way that most LatAm macro pieces completely miss.
One question: how are you thinking about the timing risk between the VMOS pipeline coming online (Q4 2026) and the broader Argentina equity re-rating? If passive flows are gated behind the MSCI reclassification consultation, there could be a window where the fundamental story is clearly playing out but foreign capital is still sitting on the sidelines.
Looking forward to the follow-up on Colombian local equities.
Excellent
$MELI
We don’t do over 15bn equities.
Great insight into a sometimes neglected (from European investors' perspective) region!
Can you name some specific companies having the strongest tailwinds in each of the countries?
Thanks! Since it is a free report, not really sorry
Exceptional work. The Brazil cost of capital framework — comparing MSCI inclusion to Champions League TV rights — is one of the clearest explanations I’ve seen of why domestic mid-caps trade at such a structural discount to globally-listed peers.
The Vaca Muerta section is particularly compelling. The well productivity comparison against the Permian and Bakken puts the geological quality into perspective in a way that most LatAm macro pieces completely miss.
One question: how are you thinking about the timing risk between the VMOS pipeline coming online (Q4 2026) and the broader Argentina equity re-rating? If passive flows are gated behind the MSCI reclassification consultation, there could be a window where the fundamental story is clearly playing out but foreign capital is still sitting on the sidelines.
Looking forward to the follow-up on Colombian local equities.