To select the members of the 16th annual All-Brazil Research Team, Institutional Investor sent questionnaires covering 17 equity industry sectors and macroeconomic disciplines to investment professionals at leading asset management firms around the world. We received responses from some 680 buy-side analysts and portfolio managers at 407 institutions that manage an estimated $178 billion in Brazilian equities.

Participants vote for individual analysts. A numerical score is produced for each analyst by weighting each vote by the respondent's Brazilian equity assets under management and the rank awarded to the individual (first, second, third or fourth). The resulting scores are used to determine both the team and individual-based rankings. Team leaders and individuals are designated runner-ups when their scores fall within 35 percent of the third-teamer’s score.

The newer team-based ranking combines the aggregate score for each firm’s analysts under a given sector. The analyst or economist/strategist featured for each winning group is the individual designated as team leader by the firm. Co-leaders, where applicable, are deemed to share equal responsibility for directing coverage, and their names are presented alphabetically.

Individuals who switched firms after February 15, 2019 are cited at their previous organizations.

The names of those surveyed are kept confidential to ensure their continuing cooperation. 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 2019 All-Brazil Research Team was compiled by Senior Project Managers Tucker Ewing and Denise Hoguet and Associate Project Managers Denise Best and Xiao Lu.