Our Argentina Thesis is Playing Out

What just happened

President Javier Milei’s coalition just secured a decisive election victory, giving him full control of Congress in Argentina. This is a major political breakthrough that effectively removes the gridlock that had constrained his reform agenda.

Why it matters

This result confirms the core thesis that we shared with clients earlier this year: that Argentina is on the cusp of a historic economic turnaround driven by pro-market reforms. With a clear mandate, Milei now has the political capital to accelerate fiscal discipline, deregulation, and stabilization policies – critical ingredients for long-term growth and investor confidence.

Context within our philosophy

At Titan, we seek to identify transformational shifts early – before they’re broadly priced in. We first developed our Argentina thesis and invested in the country back in May 2023 before Milei was elected. Today’s result reinforces our approach: pairing deep fundamental research with conviction in long-duration, reform-driven opportunities.

We’ll continue to monitor policy follow-through closely and keep you informed. 

Disclosure:

As of the time of publishing, BMA, PAM, SUPV, VIST, YPF, and MELI are holdings on Titan's Offshore strategy.

Advisory services are provided by Titan Global Capital Management USA LLC ("Titan"), an SEC registered investment adviser. Please refer to Titan's Program Brochure for important additional information. Titan’s affiliate, Titan Global Technologies LLC (“TGT”), is an SEC-registered broker-dealer. Both Titan and TGT are subsidiaries of Titan Global Capital Management, Inc. This content is for informational purposes only and is not investment or financial advice, tax or legal advice, an offer, solicitation of an offer, or advice to buy or sell securities or other products offered by Titan, TGT, or any third party. The mention of specific securities, asset classes, or investment strategies does not constitute a recommendation or endorsement.

References to investment themes are based on Titan’s internal research and opinion as of the date of this communication. Any descriptors used should not be construed as a promise of quality or a guarantee of performance. Statements made in these communications represent opinions and conjecture, and should not be construed as a guarantee of future results. Communications may contain forward-looking statements, which reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. We do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

References to specific stock performances are provided for historical market context and are not indicative of future results or the performance of any Titan strategy. Any performance mentioned regarding individual securities reflects market performance for educational purposes only and is therefore shown gross of fees, where applicable. Actual performance may vary based on individual circumstances, including the specific timing of trade execution, which can impact the cost basis of any given investment. Valuation assessments in our communications are based on internal analysis and are for informational purposes only. They should not be the sole basis for investment decisions and may differ from others' views or assessments. No warranty is made regarding their accuracy or completeness. The mention of a security does not imply it is held in a Titan strategy. Where Titan does hold a company mentioned in our strategies, we’ll disclose it.

All investments involve risk, and the past performance of a security, particular strategy, or financial product does not guarantee future results or returns. Investment growth is not guaranteed. No strategy or asset guarantees the accumulation of wealth, and any potential benefits are subject to market, tax, and individual financial risks. Certain investments are not suitable for all investors. Diversification is a portfolio allocation strategy that seeks to minimize inherent risks by holding assets that are not entirely correlated. Keep in mind that while diversification may help spread risk, it does not ensure a profit or protect against loss. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. The price of a given security may increase or decrease based on market conditions and clients may lose money, including their original investment and principal. The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person. Investment decisions should be based on individual financial circumstances, objectives, and risk tolerance. Investments in securities are not FDIC insured. Please visit www.titan.com/legal for important disclosures.