BTG Pactual has topped the All-Brazil Research Team for the third year in a row.

JPMorgan took fourth place in this year’s ranking of research teams, tying with UBS. Last year’s second-place finisher Itaú BBA did not actively participate in the rankings this year, making room for another domestic firm, Bradesco BBI, to jump two places to move into its spot. Credit Suisse improved on its 2018 performance as well to capture the No. 3 ranking. The ranking was compiled by aggregating votes for individual analysts at the same firms.

When votes for individual analysts were not combined, BTG Pactual and Bradesco BBI tied for first place.

In addition to these two rankings — where participants’ votes are weighted based on respondents’ assets under management — this year’s survey featured two new leaderboards which were weighted by voters’ commission spending. However, weighting the ranking of analyst teams by commissions produced little movement within the top 5, with BTG Pactual and Bradesco BBI again taking the No. 1 and 2 spots, respectively. Credit Suisse and J.P. Morgan tied for third, followed by UBS in fifth position.

These results are based on responses from nearly 700 buy-side analysts and portfolio managers, representing about 400 institutions that manage an estimated $178 billion in Brazilian equities. The survey covered 17 equity industry sectors and macroeconomic disciplines.