The 2016 All-Brazil Research Team


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Itaú BBA Is No. 1 on 2016 All-Brazil Research Team

Itaú BBA rises one rung to claim the top spot on the All-Brazil Research Team, Institutional Investor’s exclusive annual ranking of the nation’s leading sell-side analysts, for the first time since 2011. It captures 18 positions, one more than in 2015.

BTG Pactual, which had led the team for the past four years, slips to second place after losing one position, leaving it with 17. Credit Suisse spends a fifth straight year at No. 3 even though its total falls from 15 to 12. Bank of America Merrill Lynch, with 11 spots — one fewer than in 2015 — nonetheless extends its tenure in fourth place to a fourth year. Two firms share the fifth tier, with nine positions each: J.P. Morgan, whose rank is unchanged from last year despite the loss of one spot, and Santander, which advances one level after picking up three positions.

Survey results reflect the opinions of 714 buy-side analysts and portfolio managers at 375 institutions that oversee an estimated $252 billion in Brazilian equities and $136 billion in Brazilian debt.

Thirteen firms are represented on this year’s team, including two that did not appear in 2015: Citi and UBS.

A total of 79 analysts are cited on the roster, which is limited to the top three in each sector, plus runners-up where applicable. The full report names 392 researchers, representing 31 entities, who met minimum-vote and other eligibility criteria. (Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or

Among the highlights of this year’s results:

Two analysts have established six-year winning streaks in their respective sectors.

Ciro Matuo of Itaú BBA, Corporate Debt

Guilherme Paiva of Morgan Stanley, Equity Strategy

Three analysts are No. 1 in more than one sector:

Thiago Duarte of BTG Pactual

— Agribusiness

— Food & Beverages

Ilan Goldfajn of Itaú BBA

— Economics

— Sovereign Debt

Eduardo Rosman of BTG Pactual

— Financials/Banks

— Financials/Nonbanks

Five other analysts top one sector and rank in at least one other:

Leonardo Correa of BTG Pactual

— Metals & Mining, first place

— Pulp & Paper, third place

Renata Faber of Itaú BBA

— Capital Goods, first place

— Transportation, runner-up

Bruno Giardino of Santander

— Education, first place

— Health Care, third place

Thiago Capucci Macruz of Itaú BBA

— Education, second place

— Health Care, first place

— Retailing, runner-up

Ciro Matuo of Itaú BBA

— Corporate Debt, first place

— Sovereign Debt, third place

Four analysts finish in first place for the first time:

Lucas Ferreira of J.P. Morgan, Pulp & Paper

Ilan Goldfajn of Itaú BBA, Sovereign Debt

Thiago Capucci Macruz of Itaú BBA, Health Care

Eduardo Rosman of BTG Pactual, Financials/Banks and Financials/Nonbanks

Eighteen analysts from nine firms appear on the team for the first time:

Bank of America Merrill Lynch

Isabella Simonato, Agribusiness, runner-up

Bradesco BBI

Victor Mizusaki, Transportation, runner-up

BTG Pactual

Gustavo Cambauva, Real Estate, runner-up

Rodrigo Gastim, Education, runner-up, and Health Care, runner-up


Pedro Medeiros, Chemicals & Oil, runner-up

Credit Suisse

Andre Natal, Chemicals & Oil, second place

Felipe Vinagre, Transportation, runner-up

Itaú BBA

Antonio Barreto, Agribusiness, second place

Pedro Manfredini, Electric & Other Utilities, runner-up

Diego Mendes, Chemicals & Oil, runner-up

J.P. Morgan

Joseph Giordano, Health Care, runner-up

Pedro Leduc, Food & Beverages, third place


Bruno Amorim, Transportation, runner-up

João Mamede, Retailing, runner-up


Rogério Araújo, Capital Goods, runner-up, and Transportation, third place

Andreas Bokkenheuser, Metals & Mining, runner-up, and Pulp & Paper, runner-up

Philip Finch, Financials/Banks, runner-up

Gustavo Piras Oliveira, Retailing, runner-up

The Leaders table in the navigation panel at right lists firms ranked by their total number of positions, while Weighting the Results shows how these research providers fare when a rating of 4 assigned to each first-place position, 3 to each second-place position, 2 to each third-place position and 1 to each runner-up.

The Best Analysts of the Year lists the winning individuals in each sector. Information about those that rank second, third and runner-up is available to subscribers only.

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