The 2014 All-Brazil Research Team: Financials/Nonbanks, No. 1: Victor Schabbel
Victor Schabbel Credit Suisse First-place appearances: 3
Total appearances: 3
Team debut: 2012 Victor Schabbel of Credit Suisse debuted at the top of this roster in 2012 and has not budged since. Clients laud the analyst for his expertise and accessibility. “He is the most prepared analyst, with a deep knowledge of the sector he covers,” one admirer remarks, adding that “his calls have a high level of positive returns.” The 29-year-old researcher tracks eight Brazilian nonbanking financial institutions, and his favorite long-term play among them is São Paulo–based BM&F Bovespa. “Among nonbank financials,” says Schabbel, “the Brazilian exchange is trading at a 16 percent discount [to the sector average], making it an interesting play for those investors trying to leverage on potentially better market conditions, including stronger-than-expected macroeconomic growth and more active capital markets.” More broadly, he notes that the sector has generally outperformed both the broad market and the exchange’s benchmark index, the Índice Bovespa, thanks to its diversity, encompassing “acquirers, exchanges, insurers and private equity firms.” Over the first seven months of 2014, the group jumped 13.5 percent, besting the Ibovespa by 16.1 percentage points and Brazil’s wider market by 19.3 percentage points.