To select the members of the 23rd annual Brazil Research Team, Extel solicited opinions of directors of research and investment professionals at asset management firms with significant securities holdings in Latin America. We received responses from 718 individuals at 415 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.
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 March 2, 2025, 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 2026 Brazil Research Team was compiled by Project Managers David Racadio and Vivian Grossi.
Brazil is gearing up for its presidential election in October of this year and so are its investors—and they are looking to the country’s top sell-side research firms for insights.
Presidential elections are always a big theme in the region, especially more recently as global polarization became more extreme, according to Carlos Sequeira, head of research at BTG Pactual. Brazil is no exception with a lot of investor attention as President Luiz Inácio Lula da Silva launches his reelection bid amid challengers that include Flavio Bolsonaro, son former Brazilian President Jair Bolsonaro.
“In our view, investors want more than simply tracking polls,” he added. “They need an integrated view combining political analysis, economic implications and finally how companies and sectors are affected. That is precisely what we offer to our clients, an in-depth, knowledgeable analysis of the whole process. “
