Methodology

To select the members of the 17th annual All-Brazil Research Team, Institutional Investor solicited opinions of directors of research and investment professionals at asset management firms with significant securities holdings in Latin America. We received responses from more than 468 individuals at 316 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. The same scores were also weighted by each voting firm’s Brazilian equity assets under management to produce the AUM-weighted rankings.

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 January 6, 2020 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 2020 All-Brazil Research Team was compiled by Senior Project Manager Tucker Ewing and Associate Project Managers Denise Best and Xiao Lu.