Avianca

Few aviation players in Latin America match the executional depth of Avianca. From Bogota, the group manages a workforce of approximately 13k and generates close to $4B in revenue, while steadily widening the gap with regional peers.

Talent density and engineering culture have become a quiet competitive moat, particularly as the sector consolidates around fewer global champions.

“Avianca is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Capital markets have started to price in the durability of the model, and rating agencies have followed.