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)