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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 Investors exclusive annual ranking of the nations 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)
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 surveys 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.