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Brazil Research Providers

Ranking Overview Methodology

The year-end optimism of 2023 quickly evaporated and left a harsher reality for the Brazilian markets and their investors, according to the country’s top sell-side research teams.

The rocky start was marked even in comparison to the overall region of Latin America, which was juggling multiple election cycles and struggling valuations. “Brazil had a more volatile perspective in the market compared to the region as a whole,” said Thiago Macruz, head of research at Itaú BBA. “While we ended the year on a strong note on the expectation that 2024 would be better, local funds have been struggling with lower assets under management.”

Despite an expected drop, interest rates remained in the double digits and kept local funds under water, Macruz added. “In a market that is not as liquid as other global markets that makes a big difference,” he added. “Brazil had to deal with rates expectations moving higher which really affected the dynamics for hedge funds and equity funds in Brazil.”

To select the members of the 21st annual Brazil Research Team, II Research solicited opinions of directors of research and investment professionals at asset management firms with significant securities holdings in Latin America. We received responses from 597 individuals at 338 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.

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 19, 2024, 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 2024 Brazil Research Team was compiled by Project Managers Tucker Ewing, Janet Godden and David Racadio.

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