As December approaches,financial analysts in Buenos Aires are outlining investment strategies to navigate a period of stabilization following a volatile year for Argentine markets [[2]]. With inflation remaining a key concern, experts are advising a diversified approach, balancing local assets with international holdings to maximize returns while mitigating risk. This report details recommended allocations across Cedears, Argentine stocks, and bonds, as advised by leading financial advisors at Buenos Aires Valores and Cocos Gold.
As December approaches, financial analysts in Buenos Aires are outlining investment strategies to capitalize on both local and international market conditions. While individual investor profiles vary, a consensus is emerging around the benefits of a balanced portfolio, incorporating a mix of Cedears, Argentine stocks, and bonds to navigate the closing months of 2025 with greater stability.
“The year-end period arrives with the local market having corrected after the post-election rally, presenting renewed entry points for investors. Generally, we see greater value in Argentine assets compared to Cedears, and are constructing portfolios that balance local stocks with peso-denominated instruments, while also including defensive sectors from abroad,” said Eugenia de Irureta, a financial advisor at Buenos Aires Valores.
December Investment Opportunities
According to de Irureta, allocating 15% of a portfolio to Argentine banks, particularly BBVA Argentina (BBAR), is advisable, given the sector’s significant growth potential in a positive economic scenario. “We favor banks that have demonstrated strong leverage strategies, as they are likely to sustain their valuations with increased earnings in a lower-margin environment,” she indicated.
With the energy sector currently offering attractive valuations, a 10% allocation to Vista Energy (VIST), providing direct exposure to oil, and a 15% allocation to Transportadora de Gas del Sur (TGS), which offers diversification, are also recommended.
Regarding regional Cedears, de Irureta noted that Mercado Libre (MELI) now presents a reasonable valuation following its recent correction. Brazil also offers opportunities through digital payments company PagSeguro (PAGS) and mining firm Vale (VALE). Therefore, another 15% should be distributed among these three companies.
The market is anticipating a potential acceleration of inflation starting in November, making short-term CER bonds more appealing than Lecaps (15%) and TAMAR-linked securities (15%), which offer a favorable spread over Treasury assets.
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De Irureta also emphasized the importance of adding a 15% allocation to defensive Cedears. “Overseas, the technology sector, particularly those linked to artificial intelligence, has resumed its upward trend. However, we don’t see current levels as an attractive entry point given the associated risk and volatility. We prefer more stable sectors with reasonable valuations, such as basic consumer goods and healthcare, through the XLP and XLV ETFs,” she detailed.
Further Cedear and Fund Recommendations
Agustina Savoia, a financial advisor at Cocos Gold, recommends balancing returns in pesos, dollarizing through negotiable obligations, and allocating a portion to carefully selected global stocks. This strategy reflects a broader trend of diversification amid economic uncertainty.
Specifically, she suggests allocating 30% to funds that include corporate bonds from Pampa Energía, Tecpetrol, Brazilian issuers, and U.S. Treasury notes, combining stability with carry trade opportunities in dollars.
“While the local market continues to stabilize, Argentina is experiencing a period of increased stability in the latter part of the year. Financial dollars are supporting this scenario without significant pressure, and corporate bonds remain the most solid alternative within fixed income in hard currency,” Savoia noted.
She further recommends allocating 25% to peso-denominated funds with daily liquidity for consistent payments or withdrawals. These funds “capture rates in pesos without assuming excessive duration, making them an ideal tactical reserve diversified in ON, private credit, and short-term fixed income,” Savoia explained.
An additional 30% should be directly invested in ONs from Tecpetrol and Pampa Energía, and a final 15% in defensive Cedears, such as UnitedHealth (UNH), Coca-Cola (KO) and Berkshire Hathaway (BRK.B).
“A balanced mix between healthcare, basic consumer goods, and global value stocks provides stability, low volatility, and offsets local risk,” Savoia concluded.
