The 2016 All-Brazil Research Team: Sector Winners
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The 2016 All-Brazil Research Team: Sector Winners


Although Itaú BBA is survey champion, BTG Pactual is home to the highest number of top-ranked researchers.

Seven firms earn at least one first-place position on the 2016 All-Brazil Research Team, Institutional Investor’s annual ranking of the nation’s leading sell-side analysts:

• Bradesco BBI

• BTG Pactual


• Itaú BBA

• J.P. Morgan

• Morgan Stanley

• Santander

BTG Pactual analysts top seven of the survey’s 19 sector rosters; Itaú, six.

Three individuals are dual champions this year: BTG Pactual’s Thiago Duarte is No. 1 in Agribusiness and Food & Beverages, while Eduardo Rosman tops the two Financials categories, Banks and Nonbanks. Ilan Goldfajn of Itaú is the winner in Economics and Sovereign Debt.

Ciro Matuo, also of Itaú, and Morgan Stanley’s Guilherme Paiva share the record for longest winning streaks — six years — in Corporate Debt and Equity Strategy, respectively.

Listed below — first by industry sector, then by economics and strategy — are this year’s top-ranked researchers:


Agribusiness (see also Food & Beverages)

Thiago Duarte

BTG Pactual

Third year in a row at No. 1

Capital Goods

Renata Faber

Itaú BBA

First time on top since 2013

Chemicals & Oil

Luiz Carvalho


Second year in a row atop the roster


Bruno Giardino


Second consecutive first-place appearance

Electric & Other Utilities

Antonio Junqueira

BTG Pactual

Fourth straight No. 1

Financials/Banks (see also Financials/Nonbanks)

Eduardo Rosman

BTG Pactual

First appearance in first place

Financials/Nonbanks (see also Financials/Banks)

Eduardo Rosman

BTG Pactual

First appearance in first place

Food & Beverages (see also Agribusiness)

Thiago Duarte

BTG Pactual

Third straight year leading this lineup

Health Care

Thiago Capucci Macruz

Itaú BBA

First time on top in this sector

Metals & Mining

Leonardo Correa

BTG Pactual

Second straight No. 1

Pulp & Paper

Lucas Ferreira

J.P. Morgan

First appearance in first place

Real Estate

Luiz Maurício Garcia

Bradesco BBI

Second straight year at No. 1


Fábio Monteiro

BTG Pactual

Third sector victory in the past four years

Technology, Media & Telecommunications

Susana Salaru

Itaú BBA

Second consecutive year in first place


Fernando Abdalla

J.P. Morgan

Second straight No. 1

Economics & Strategy

Corporate Debt

Ciro Matuo

Itaú BBA

Sector champion for a sixth straight year — and the ninth time in ten years

Economics (see also Sovereign Debt)

Ilan Goldfajn

Itaú BBA

Fourth year in a row at No. 1

Equity Strategy

Guilherme Paiva

Morgan Stanley

Sixth consecutive year in first place

Sovereign Debt (see also Economics)

Ilan Goldfajn

Itaú BBA

First time on top in this sector

II’s 2016 All-Brazil Research Team reflects the opinions of 714 buy-side analysts and portfolio managers at 375 firms that oversee an estimated $252 billion in Brazilian equities and $136 billion in Brazilian debt.


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