Antonio Pedro Cardoso

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)

Alexander Wright

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

Simon Fitzgerald

Simon Fitzgerald has over 26 years of experience in Australian equities, with more than 13 years experience as a sell side analyst. Having worked in buy side roles as well, Simon’s approach is in context of portfolio construction regarding recommendations.

What I am Known For

  • Deep understanding of Diversified Financials and the Insurance sector, both domestically and internationally.
  • Strong industry contacts.
  • Focus on robust modelling and valuation techniques with a focus on longer-term drivers and industry trends.
  • A focus on upcoming catalysts, estimating upside/downside of an event

How I am Different

  • We are the only major broker to initiate coverage on Generation Development Group (GDG.AU). Buy rating at initiation.
  • In depth analysis of Australian insurers that is bolstered by Jefferies’ global research Insurance offering, providing insights into offshore reinsurance and primary markets. This is particularly important for QBE.AU coverage.
  • Platforms: Coverage of AMP, NWL and HUB allows for strong analysis of the wealth platform industry. This is aided by expert calls and engagement with the company.

Key Research Highlights

Corporate & Strategic Access

  • Expert Call: Call with Recep Peker, the CEO of SuitabilityHub. SuitabilityHub compares wealth platforms on over 500 metrics to assist advisers. (June 2024).
  • Expert Call: Call with James Callan of James Callan Associates to address topical areas surrounding agriculture, crop protection, federal crop insurance, the environment, and interactions with the U.S. Department of Agriculture (USDA). May 2024.