Década LATAM: capital cruza el Atlántico
Ricardo Heurtley Paunero@ricardoheurtley
+5.7%
since Sep 30
The idea
I believe Latin America is undervalued and that global capital—especially from Europe—will rediscover the region over the coming decade. The investment basket constructs this narrative across six layers: banking and consumer sectors, AI-driven software, oil and energy, mining, and agriculture, plus two regional funds providing broad exposure to the Southern Cone, Brazil, and Mexico. I am keeping 8% in cash to add to the position during market dips—which are bound to be frequent in this region—and I view this as a long-term play spanning years, not months.
What it owns
- If the region revalues over a decade, banks and internal consumption in Brazil, Mexico and Argentina represent the most direct bet on that outcome. · Nu HoldingsIt grows digital banking customers across Brazil, Mexico and Colombia using artificial intelligence, succeeding as it expands profit and reach beyond Brazil., Fomento Económico MexicanoIt operates retail stores and beverages capturing daily Mexican consumer spending, anchoring the consumption piece if Mexico provides size and liquidity., Grupo Financiero GaliciaIt is Argentina's leading bank, gaining most value if Argentine stabilization continues and domestic credit supply expands over a decade., América MóvilIt provides telecommunications coverage across most of the region, capturing gains from any regional growth through expanding mobile connectivity and data., Grupo Aeroportuario del SuresteIt operates airports in southeastern Mexico, gaining directly from increased flights, trade and tourism if regional interest and capital integration rise.22%
- Latin American technology companies serve as bridges between the region and global capital, charging a toll on that flow of money and opportunity. · MercadoLibreIt is the largest software company in the region, operating e-commerce and payments across Brazil, Mexico and Argentina simultaneously., GlobantIt sells Latin American software and artificial intelligence talent to global buyers, succeeding only if worldwide demand for AI services continues to grow., dLocalIt connects payment flows from emerging markets to global enterprises, serving as infrastructure for capital crossing into the region, with growth tied to Latin American transaction volumes.19%
- Brazilian oil and Argentine shale from Vaca Muerta are among the first assets that foreign capital purchases when entering the region. · PetrobrasIt produces oil at low cost relative to global peers and represents the type of asset that foreign capital revalues when betting on regional growth., YPF Sociedad AnónimaIt develops Vaca Muerta shale production in Argentina into real exports, betting that global buyers place value on Argentine oil supply., Vista EnergyIt produces from Vaca Muerta at low cost with rapid output growth, rising sharply if foreign capital flows toward Southern Cone oil production., Pampa EnergíaIt combines gas, electricity and Vaca Muerta participation in a single Argentine company, capturing the energy supply chain if Argentina normalizes tariffs and investment.19%
- Copper, iron and lithium exist in the region in quantities the world needs for electrification, and mines cannot be relocated. · Vale S.A.It extracts and sells iron ore to global buyers who may reprice the commodity as foreign capital enters Latin America over the coming decade., Southern CopperIt mines copper in Peru and Mexico, the metal most demanded by global electrification, and depends on sustained copper prices and regional production., Sociedad Química y Minera de ChileIt mines lithium in Chile, the mineral with the most potential if global capital bets on Latin America as the energy transition supplier.17%
- Two funds that own the region as a whole provide insurance that the take functions even if a single country faces setbacks. · iShares Latin America 40 ETFIt holds the forty largest companies in the region, capturing regional revaluation even if individual countries or sectors lag behind., Global X MSCI Argentina ETFIt holds Argentina's entire economy including unlisted companies, signaling immediately if Argentine openness to foreign capital reverses.10%
- The Southern Cone feeds the world, and agricultural land and food processors gain value alongside regional revaluation. · CresudIt holds Argentine farmland and real estate trading cheaply today, revaluing if Argentina normalizes and foreign capital enters to purchase productive assets., AdecoagroIt operates agricultural land and production across Argentina, Brazil and Uruguay, the most direct holding of farmland if global buyers pursue regional agricultural assets.6%
- Cash8%