Insights semanales de mercado y macro, directo a tu mail. Un email por semana, sin spam.
Research continuo, carteras modelo y comunidad privada. Para un paso adelante del mercado.
Educación en vivo con Miguel y el equipo para pasar de mirar el mercado a tomar decisiones con método. Cupos limitados, presencial u online.
Advisors, analistas y especialistas basados en Argentina. La gente que te atiende, nunca rota.
Historia, logros y diferenciales de CDI Capital. Milestones, AUM, reconocimientos.
Founder y cara visible. Economista, divulgador y voz pública sobre mercados e inversión.
CDI Capital provides institutional-grade access to Argentine fixed income, equities, and private markets — backed by local infrastructure, relationships, and regulatory expertise built over a quarter century.
Argentina is not a trade — it is a structural re-rating thesis with a 5 to 10 year horizon. These are the four forces driving it.
The second-largest shale gas reserve in the world sits in Neuquén. Shell, Chevron, TotalEnergies and YPF are already operating. LNG export infrastructure is under construction. This is the Permian equivalent in Latin America.
The 2024 reform program delivered Argentina's first fiscal surplus in sixteen years. Exchange rate normalization, fiscal discipline, and an IMF program with unprecedented compliance are rewriting the risk premium.
Argentine investment-grade corporates in energy and agribusiness are paying 6–8% in dollars — hard-currency cash flows from companies with global clients and commodity-denominated revenues.
Argentine assets are priced as distressed. If the reform trajectory holds, the re-rating from frontier to emerging market status is a compression trade with massive institutional implications — and it has already started.
Institutional mandates require coverage of the full Argentine opportunity set, from liquid fixed income to off-market private deals. We provide complete access through a single senior relationship and institutional-grade infrastructure.
Vaca Muerta, energy, utilities, and agribusiness issuers with hard-currency revenues and strong balance sheets. Investment-grade risk profile with emerging market premium spread.
6 to 8% in dollars from companies that sell commodities in hard currency. That spread is structural, not a timing bet.
Tactical positioning driven by granular macro reading — not the generic EM research from global banks that consistently misreads Argentina's cycle dynamics.
The alpha on Argentine sovereign debt comes from knowing the macro before it shows up on Bloomberg. We have been here 25 years.
High positive real rates in local currency, managed with active FX risk strategies for institutions with mandate to take controlled peso exposure. Optimized for the reform cycle trajectory.
Positive real rates are rare globally. Argentina is offering them while normalizing macro. The window is finite and requires local execution infrastructure.
Full access to the Argentine domestic equity universe, plus local replication of global equities via Argentine ADRs. Active coverage of key re-rating plays across sectors.
When Argentine equities re-rate, they move violently. Being positioned before that move requires institutional infrastructure already in place.
Exclusive access to private transactions through our network — deal flow, ticket sizes, and due diligence infrastructure not accessible to external investors.
The best deals in Argentina do not appear on a Bloomberg terminal. They move through 25 years of relationships. We open that access to institutional partners.
Custom allocation mandates designed around the institution's specific constraints: compliance framework, custody preferences, reporting standards, and board-level documentation requirements.
An insurance company, a pension fund, and a corporate treasury have different mandates. We build the wrapper around the institution — not the other way around.
That spread is not a compensation for credit risk. It is a compensation for local access complexity — exactly what we solve for institutional investors.
What takes a decade to build — local regulatory knowledge, institutional relationships, on-the-ground sourcing infrastructure, and operational execution capability — we deliver as a service.
A pension fund in Amsterdam or a corporate treasury in São Paulo does not have the time or the local team to replicate what we have built over 25 years. That is the access we provide.
CNV, BCRA, and local compliance framework knowledge built across multiple regulatory regimes and complete economic cycles.
Multiple regulatory cycles navigatedDirect access to issuers, deal originators, and local counterparties not reachable through external channels.
Proprietary relationship networkGranular understanding of Argentine macro dynamics — not the generic EM framework that consistently misreads local cycle inflections.
Local information advantageTrading, custody, and settlement infrastructure already in place. No setup time, no learning curve, no operational risk transfer to the client.
Ready-to-deploy executionIntegrated local and international operations: custody, cross-border structuring, reporting standards, and compliance documentation for global institutions.
Local + international integratedWe do not repackage products from issuers we have distribution agreements with. Zero kickbacks, zero placement fees, zero cross-incentives from counterparties.
Built through complete Argentine economic cycles — hyperinflation, convertibility, default, recovery, and reform. That history is not replicable in one year or three.
Full regulatory documentation, segregated custody, auditable reporting, and compliance packages designed for institutional investment committees and boards.
Off-market deal access, direct issuer relationships, and local information flow that external institutional investors cannot replicate from the outside.
Fixed income, equities, carry, private deals, and structured mandates — all through a single senior relationship. No need to build a local team or coordinate multiple counterparties across the Argentine market.
As important as what we are. This avoids conversations that start with the wrong frame.
We are Argentina specialists. The generic sovereign EM basket approach misses the structural alpha that local depth provides in this market.
No flow trading, no placement fees, no kickbacks from issuers. We earn only from the advisory mandate — full alignment with the institutional client.
Active, conviction-based positioning. The Argentine cycle requires discretion and local judgment, not index replication.
We advise on structural allocation. The Argentina re-rating thesis plays out over a 5–10 year horizon, not a quarter or a year.
Institutional minimums, bespoke reporting, direct senior relationship, and compliance-grade documentation from day one.
Full Argentina coverage: fixed income, equities, carry, private deals, and structured mandates — all through a single point of contact.
I have been advising institutional clients in Argentina since before the convertibility collapse. Every cycle has the same pattern: those with local infrastructure already in place capture the move. Those building it from scratch during the recovery arrive too late to the compression trade.
The first meeting covers the Argentina investment thesis, the current opportunity set across all six channels, and how we can structure access around your institution's specific compliance requirements, reporting standards, and allocation constraints.
