The 2016 All-Brazil Research Team: By the Numbers

A look at which sectors attracted the most interest, which analysts received the most votes and related highlights.

Here are some of the key facts, figures and noteworthy results of the 2016 All-Brazil Research Team survey, Institutional Investor’s exclusive annual ranking of the nation’s leading sell-side analysts.

Most popular analysts (as measured by number of votes cast):

Ilan Goldfajn of Itaú BBA, Economics (first place)

Ciro Matuo of Itaú BBA, Corporate Debt (first place)

Eduardo Rosman of BTG Pactual, Financials/Banks (first place)

Leonardo Correa of BTG Pactual, Metals & Mining (first place)

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Eduardo Rosman of BTG Pactual, Financials/Nonbanks (first place)

Most popular sectors (as measured by number of voters*):

• Economics (winner: Ilan Goldfajn, Itaú BBA)

• Financials/Banks (Eduardo Rosman, BTG Pactual)

• Equity Strategy (Guilherme Paiva, Morgan Stanley)

• Corporate Debt (Ciro Matuo, Itaú BBA)

• Retailing (Fábio Monteiro, BTG Pactual)

Most popular sectors (as measured by number of votes*):

• Economics (winner: Ilan Goldfajn, Itaú BBA)

• Financials/Banks (Eduardo Rosman, BTG Pactual)

• Retailing (Fábio Monteiro, BTG Pactual)

• Metals & Mining (Leonardo Correa, BTG Pactual)

• Electric & Other Utilities (Antonio Junqueira, BTG Pactual)

(*Survey participants may name up to four analysts per sector.)

Currently ranked analysts with the longest winning streaks:

Ciro Matuo of Itaú BBA, Corporate Debt, six years

Guilherme Paiva of Morgan Stanley, Equity Strategy, six years

Three analysts oversee more than one top-ranked team:

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

Number of analysts who appear on the roster: 79

Number of firms they represent: 13

Number of analysts who meet the survey’s eligibility criteria: 392**

Number of firms they represent: 31**

Number of analysts appearing on the team for the first time: 18

**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 eweisz@iiresearchgroup.com.

The 2016 All-Brazil Research Team is based on responses from 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.

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