Pedro Baptista

Argentina, Brazil, Chile, Education, Equity Strategy, Financial Non-Banks, Food & Beverages, Mexico, North Andean Countries, Pulp & Paper, Retailing

Pedro Baptista joined Jefferies in 2023, after spending the previous 12 years at Nau Securities covering Latin America. He was Head of EMEA and European Small and Midcap Equities Research as well as Deputy Head of European Equities Research at UBS prior to that. Pedro is responsible for consumer and special situations research (inc. holding companies) and is the firm’s Head of Research.

The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America, Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies in 2024 and 2025.

Pedro Baptista key sectors and stocks under coverage include:

Education: Laureate Education, YDUQS
Food & Beverages: Gruma, Alfa
Pulp & Paper: Copec, Dexco
Retailing: Femsa, PriceSmart, C&A, Vivara, Assai, Mateus
Holding companies: Itausa, Quinenco, Grupo Argos, Cresud, Grupo Sura
Others: GPS, Cementos Argos, Arcos Dorados, Alpargatas, SmartFit

What we are known for:

• Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)
• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

[email protected]

+44 (0)2 07029 8351

Alexander Wright

Argentina, Brazil, Chile, Equity Strategy, Financials (Non-Banking), Food & Beverages, Mexico, North Andean Countries, Retailing, TMT

Alex Wright joined Jefferies in 2023, after spending the previous 8 years at Nau Securities. He has over 25 years of experience covering TMT sectors in Global Emerging Markets, and in recent years has expanded coverage to Consumer sectors including Retailing, E-commerce and Beverages. In the last year he has published extensive sector reports on e-commerce, Mexican Retail, Beer and Soft Drinks, and Drug Retail, as well as a regular product, ‘Navigating the Digital Landscape’ focused on key themes and developments in the digital consumer and fintech space in Latam.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America and Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Alex Wright key sectors and stocks under coverage include:

Financials Nonbanks: MercadoLibre
Retailing: MercadoLibre, Walmex, Tiendas 3B, RD Saude
TMT: America Movil, TIM Brasil, Vivo
Food & Beverages: Ambev, Arca Continental, Coca-Cola Femsa

What we are known for:

Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

[email protected]

+44 (0)20 7029 8368

Alejandro Demichelis

Argentina, Brazil, Capital Goods, Chile, Equity Strategy, Metals & Mining, Mexico, North Andean Countries, Oil & Gas Exploration & Production, Transportation

Alejandro Demichelis joined Jefferies in 2023 as a Managing Director in the Latin American equity research team from Nau Securities to cover energy, infrastructure, and industrials. Alejandro has 25 years of experience in the energy sector, including positions as upstream portfolio manager at Abu Dhabi sovereign wealth fund IPIC (now Mubadala) and senior consultant with energy research firm Wood Mackenzie.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Alejandro Demichelis key sectors and stocks under coverage include:

Metals & mining: Grupo Mexico, Southern Copper, SQM
Oil Gas & Petrochemicals: Petrobras, Ecopetrol, Vista, YPF, Prio, Pampa,  Ultrapar, Raizen, Vibra, Orizon, Geopark, Parex, Canacol 
Transportation: CAAP, GAP, ASUR, OMA, Wilson Sons

What we are known for:

• Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)
• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

[email protected]

+34 919498377

Iñigo Vega

Argentina, Brazil, Chile, Equity Strategy, Financial Banks, Financial Non-Banks, Food & Beverages, Healthcare, Mexico, North Andean Countries, Retailing, TMT

Iñigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latin America. Íñigo has over two decades of experience in covering both Latin American and Iberian banks for firms such as JP Morgan and Cheuvreux.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Iñigo Vega key sectors and stocks under coverage include:

Financials Banks: Itau, Banco do Brasil, Bradesco, Credicorp, Banorte, Banco de Chile, Bancolombia, Regional, Santander Brasil, Santander Chile, IFS, Bladex
Financials non-Banks: Nu Holdings, Gentera, VEF

What we are known for:

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities
• Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

[email protected]

+34910769995

Antonio Pedro Cardoso

Argentina, Brazil, Chile, Financials (Non-Banking), Food & Beverages, Healthcare, Mexico, North Andean Countries, Retailing, TMT

Antonio Pedro Cardoso joined Jefferies at the beginning of 2025, having spent over two years at Itavera, an asset management company in Rio de Janeiro focused on Brazilian equities, with coverage of the Healthcare, Insurance, Retail, Education and Leisure sectors. He gained his CFA in 2024 and completed an MSc in Finance at HEC Paris in 2024. He works closely with Alex Wright on coverage of the broader Consumer and Telecom sectors.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America, Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials, and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors.

Antonio Pedro Cardoso supports coverage of the following key sectors and stocks:

Retailing: MercadoLibre, Walmex, Tiendas 3B, RD Saude

TMT: America Movil, TIM Brasil, Vivo

Food & Beverages: Ambev, Arca Continental, Coca-Cola Femsa

What we are known for:

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities
• Special situations: We focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

[email protected]

+44 (0)20 7029 8748

Marilyn Macdonald

Argentina, Brazil, Chile, LATAM Sales, Mexico, North Andean Countries

Pan Latin American Equities Sales Specialist

Marilyn Macdonald joined Jefferies in 2023, after spending the previous three years at Nau Securities. Having initially started her career working in the fund management industry, Marilyn moved across to institutional sales 29 years ago having held senior positions at Santander and Credicorp. Marilyn focuses on clients located in the United Kingdom, Continental Europe and the Asia-Pacific region and helps her clients to implement their investment processes by connecting fund managers with regional and global sector analysts, or the senior management of companies ranging from the largest components of the MSCI Latin America index to smaller companies and whether located in Brazil, Mexico, or the Andean region. In everything Marilyn does, she brings her increasingly differentiated multi-decade experience of covering the Latin American region and the ability to position Latin American research ideas in a global context.

What we are known for:

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data.
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market.
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities.
• Special situations: We focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

[email protected]

+44 (0)75 8106 1432

Gabriel Rossi

Argentina, Brazil, Chile, LATAM Sales, Mexico, North Andean Countries

Pan Latin American Equities Sales Specialist

Gabriel Rossi joined Jefferies in 2023, after spending the previous three years at Santander. Gabriel services clients located in the USA, Canada, and the Andean region and is the lead Latin American specialist salesperson based at Jefferies’ headquarters in New York. Gabriel helps his clients implement their investment processes by connecting fund managers with regional and global sector analysts, as well as the senior management of companies ranging from the largest components of the MSCI Latin America index to smaller companies located in Brazil, Mexico, or the Andean region. In everything Gabriel does, he brings his extensive experience of covering the Latin American region and the ability to position Latin American research ideas in a GEM and Global context.

What we are known for:

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data.
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market.
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities.
• Special situations: We focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

[email protected]

+1 (212) 707-6309

Emee Dy

Argentina, Brazil, Chile, LATAM Sales, Mexico, North Andean Countries

Emee Dy joined Jefferies in 2024 as Latam and EM Equity Sales. Following her graduation from the University of Notre Dame, she worked at Citi for two years where she spent time on Equity Sales, Private Markets Origination, and Investor Relations teams. Currently, she brings her passion for emerging markets when servicing investors across North America and is based in New York.

What we are known for:

• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data.
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market.
• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities.
• Special situations: We focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)

[email protected]

+12123366963