JPMorgan Chase & Co is the No. 1 firm in Institutional Investor’s 2020 All-Brazil Research Team.
The 17th annual ranking of Brazil’s best equity research teams was determined by nearly 470 investment professionals across 316 asset management firms with significant Latin American holdings. Respondents rated research teams across 17 industry and economic sectors, with their votes weighted by how much they spent on sell-side research.
In this year’s commission-weighted ranking, JPMorgan just edged out last year’s incumbent BTG Pactual, earning 17 total team positions to the Brazilian bank’s 16.
Bradesco BBI tied with BTG Pactual for second, while Credit Suisse dropped one spot to fourth place. BofA Securities and UBS tied for fifth place with 7 positions each.
When votes were weighted based on assets under management instead of commissions, JPMorgan and BTG Pactual tied for first place, while Bradesco BBI took third.
Investors also voted for their favorite analysts to form two additional leaderboards based on individual researchers. In the commission-weighted ranking, BTG Pactual continued its reign, breaking last year’s two-way tie with Bradesco BBI to keep the No. 1 spot. Bradesco BBI and JPMorgan tied for second. These results did not change when votes were weighted by assets under management.
To select the members of the 17th annual All-Brazil Research Team, Institutional Investor solicited opinions of directors of research and investment professionals at asset management firms with significant securities holdings in Latin America. We received responses from more than 468 individuals at 316 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.
This year, participants rated their top firms in each sector and then separately rated individual analysts or economists/strategists at those firms to create two distinct rankings for each sector. A numerical score was produced by weighting each vote based on the respondent’s Brazilian commission range and the average rating awarded. The same scores were also weighted by each voting firm’s Brazilian equity assets under management to produce the AUM-weighted rankings.
Using those scores, ranks were determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores. For the analyst rankings, individuals who switched firms after January 6, 2020 are cited at their previous organizations.
Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group.
The 2020 All-Brazil Research Team was compiled by Senior Project Manager Tucker Ewing and Associate Project Managers Denise Best and Xiao Lu.