Highland Capital Management
September 04, 2017
A pioneer in alternative asset management.

Argentina Update: Post-Primaries Bullishness

In our previous post on Argentina , we noted that the news around former President Cristina Kirchner in June increased the focus on the October midterm elections. With that kind of hype around the midterms, the primary elections, Primarias Abiertas Simultáneas y Obligatorias (PASO), conducted last month likewise received major attention.

The primaries served as a much-anticipated opportunity to get a real read both on the level of support for Kirchner and on the country’s assessment of Macri’s economic reforms—and the results were promising on both fronts.

Investors in the region can breathe a sigh of relief, as the primaries solidified the position of the current administration going into the October elections. These better-than-expected results were a clear indication of the population's support of President Mauricio Macri and his pro-growth reforms.

The following commentary provides an overview of the recent elections, exploring the results’ impact on the current administration’s momentum and Highland’s investment strategy in the region.

Click on the map below for election highlights or scroll down to view/download the full PDF to read about the investment implications.

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Disclaimers & Disclosureskeyboard_arrow_up

This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document. It should not be assumed that any securities discussed in this commentary will increase in value. Highland Capital Management, L.P. (“Highland”) will not accept liability for any loss or damage, including, without limitation, any loss of profit that may arise directly or indirectly from use of or reliance on such information. 
Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed herein are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Highland disclaims any obligation to update or revise any statements or views expressed herein. In considering any performance information included in this commentary, it should be noted that past performance is not a guarantee of future results and there can be no assurance that future results will be realized. Nothing contained herein should be deemed to be a prediction, projection or guarantee of future performance. No representation or warranty is made concerning the completeness or accuracy of the information contained herein. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which information, although believed to be accurate, has not been independently verified. Highland and/or certain of its affiliates and/or clients hold and may, in the future, hold a financial interest in securities that are the same as or substantially similar to the securities discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Highland and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities. This commentary has not been reviewed or approved by any regulatory authority and has been prepared without regard to the individual financial circumstances or objectives of persons who may receive it. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Highland encourages any person considering any action relating to the securities discussed herein to seek the advice of a financial advisor. Includes Highland Capital Management, L.P. and its affiliated advisers.


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