There are not one but two new leaders in Brazil equity research.
Bradesco BBI and BTG Pactual were voted as the top providers in Institutional Investor’s 18th annual All-Brazil Research Team, based on the opinions of more than 480 investment professionals at 322 firms with major Latin American securities holdings.
After a year dominated by both the depths of the coronavirus pandemic and the heights of strong market activity, institutional investors relied on these two domestic firms for local expertise. With the Brazilian presidential election slated for 2022, global investors will be looking for even more insights.
To select the members of the 18th annual 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 486 individuals at 322 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 February 22, 2021 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 2021 All-Brazil Research Team was compiled by Senior Project Managers Tucker Ewing, and Associate Project Managers Denise Best and Xiao Lu.