Alejandro Demichelis

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:

• 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)
• 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