2015 All-Latin America Research Team: Financials/Nonbanks, No. 3: Victor Schabbel & team
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2015 All-Latin America Research Team: Financials/Nonbanks, No. 3: Victor Schabbel & team


< The 2015 Latin America Research Team

Victor Schabbel & teamCredit SuisseFirst-place appearances: 6

Total appearances: 14

Team debut: 1993After a three-year run at the top, Credit Suisse tumbles to third place. Victor Schabbel leads the firm’s coverage of regional nonbank financials names, working in São Paulo with one associate. The duo reports on 11 stocks in this sector and is cautious on the wider group “in light of the current challenging macro scenario, which can last longer than most people think — implying meager [gross domestic product] expansion in coming years,” says Schabbel, 30. “Our preferences are for companies that have more resilient revenue streams, strong cash generation, and sound market positions in order to face potential headwinds.” Fitting this bill, the researchers advise, are two Brazilian players: BB Seguridade Participações, the insurance unit of the nation’s biggest bank, Banco do Brasil, and a favorite of long standing; and Cielo, the country’s largest payment systems operator. The researchers win plaudits for “their prompt responses to questions, with good recommendations and knowledge of the sector,” in the words of one portfolio manager.

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