Lecture: “Value Investing and Portfolio Concentration”
Portfolio manager of White River Partners, a deep value hedge fund based in San Francisco, CA that invests in debt and equity securities around the globe. Prior to launching White River, he was a Portfolio Manager at PICO Holdings, a publicly traded insurance holding company. Allen Benello earned a master’s degree in International Relations from the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University in 1992, where he was an Olin Fellow in Strategic Studies, and a Bachelor’s Degree in History from Tufts University in 1988. He has also earned the CFA — Chartered Financial Analyst — designation.
GTI Administração de Recursos (Sao Paulo)
Macro Block: “Bear Case Brazil”
Founding partner with GTI Administração de Recursos, an independent investment management company focusing on Brazil’s stock market. During his more than 18 years of experience in financial markets, André Gordon has worked at the trading desks of several renowned financial institutions, including Banco Itaú BBA, Banco Pátria, Santander and Banco Bozano, Simonsen. He is a member of AMEC’s Audit and Technical Committees and holds a master’s degree in Economics from EPGE/FGV-RJ and an Economics degree from FEA/USP.
Rational Asset Management (New York)
Lecture: “Value By the Numbers: Insights About the Real Estate Sector”
Founding partner of Rational Asset and co-manager of the Rational Value Fund — a long-short hedge fund, co-managed with Claudio Skilnik, which has firmed a partnership with Turim Investimentos, one of the biggest multi-family offices in Brazil. Having started its operations in April 2008, Rational focuses on publicly traded, liquid US equities and differentiates from most funds in that it has a quasi-static knowledge base of proprietary company analyses. Before founding Rational, Danilo Santiago worked for three years on a multi-billion dollar, fundamental-focused hedge fund in New York and, prior to that, spent six years at McKinsey & Co, also in New York, mostly at the Corporate Finance Practice. Danilo Santiago has an Electrical Engineering degree from USP and an MBA from Columbia Business School — where he currently teaches Valuation.
Investidor Profissional (Rio de Janeiro)
Panel: “Investment Picks”
Elsen Carvalho is partner with Investidor Profissional (IP) since 2003 and has 15 years of professional experience. He is a member of IP’s Executive and Investment Committees. From 2000 to 2003, he was an entrepreneur in the technology/web sector and CEO of two investees of InVent S.A., a venture capital fund focusing on IT, media, and electronic commerce. Before that, Elsen Carvalho worked at Banco Bozano Simonsen, in several areas including equity research, and at Unibanco’s Corporate Finance department. He graduated in Economics at Universidade Federal do Rio de Janeiro (UFRJ) and earned a master’s degree in Business Administration at COPPEAD/UFRJ.
FAMA Investimentos (Sao Paulo)
Lecture: “Business Quality and Momentum: Opportunities and Traps”
Fabio Alperowitch, CFA is a founding partner with FAMA Investimentos, an independent investment management firm founded in 1993 that focuses on small-cap stocks and private equity and currently manages about R$ 1.7 billion, predominantly from universities, pension funds, and insurance companies. FAMA’s most traditional fund — Futurewatch — has a return of 34% per year compounded for more than 16 years. Fabio Alperowitch is in the Board of Directors of Magnesita, M. Dias Branco, and LogIn. He graduated in Business Administration from Fundação Getulio Vargas and was awarded the CFA — Chartered Financial Analyst — designation.
Guilherme Affonso Ferreira
Bahema Participações (Sao Paulo)
Lecture: “Investment Case: A Complete Cycle”
President of Bahema Participações, Guilherme Ferreira is in the Board of Directors of Pão de Açúcar, Eternit, HSBC Fundo Multipatrocinado, Tavex, SulAmérica, Valid, Ideiasnet, Arezzo, and Rio Bravo Investimentos. Guilherme Ferreira is also in the Investment Board of Rio Bravo Fundamental FIA and in the Advisory Board of Banco Signatura Lazard. He has a degree in Production Engineering from Escola Politécnica da Universidade de São Paulo and studied Economics and Politics at Macalester College (Minneapolis).
Jardim Botânico Investimentos (Rio de Janeiro)
Panel: “Investment Picks”
Partner with Jardim Botânico Investimentos (JBI), Marcio Brito has 18 years of professional experience. From 2005 to 2009, he was partner, senior analyst, and head of private equity at Investidor Profissional (having been Chairman of the Board of Casa Show and board member of Mills S/A). From 2002 to 2005, he was Brazil equity strategist and Latam petrochemicals, oil & gas senior analyst at UBS Investment Bank. Formerly, he has worked at Banco BBA Creditanstalt, Banco Icatu, and Shell Brasil. Marcio Brito has a degree in Mechanical Engineering from UFRJ and was awarded the CFA — Chartered Financial Analyst — designation. Founded in May 2003, JBI is an independent asset management firm that, in 2007, sponsored the publication in Brazil of Benjamin Graham’s The Intelligent Investor.
Claritas Investimentos (Sao Paulo)
Macro Block: “Bull Case Brazil”
Partner with Claritas Investimentos — one of Brazil’s first independent asset management firms, founded in 1999 and with approximately R$ 3 billion under management — having joined the company in 2004 as an economist with the macro team. Became partner in January 2007. Currently responsible for managing the firm’s macro funds, Claritas Hedge and Claritas Hedge 30. Matheus Cavallari has an Economics degree from Unicamp-SP, where he was assistant researcher under Otaviano Canuto. He defended his master’s in economics with emphasis on monetary policy at PUC-RJ, under Ilan Goldfajn and Eduardo Loyo. He has taught macroeconomics at PUC-RJ’s Business Administration program.
Michael van Biema
van Biema Value Partners (New York)
Lecture: “Competitive Advantages”
Founder of van Biema Value Partners, a fund of funds that invests in value managers of outstanding quality, worldwide. Michael van Biema was on the faculty of Columbia Business School from 1992 to 2004, where he taught corporate finance, capital markets, securities analysis, value investing, and entrepreneurial finance in both the regular and executive MBA programs. He received his B.A. in Electrical Engineering from Princeton University and his Ph.D. from Columbia University. He has consulted to CitiGroup, Gabelli Asset Management, Goldman Sachs, Salomon Brothers, Vontobel Asset Management, and a number of private asset management firms. Co-author of Value Investing from Graham to Buffett and Beyond, he has lectured internationally on value investing.
Oceana Investimentos (Rio de Janeiro)
Panel: “Investment Picks”
Portfolio manager with Oceana Investimentos. Before joining Oceana, Rodrigo Magela was equity analyst and member of the Equity Portfolio Management Committee of Arx Capital Management (2004-2008). Before that, he worked for seven years as equity analyst at Banco Pactual (1997-2004), when he received several awards from the specialized media, such as Latin Finance and Institutional Investor Brasil, in recognition of his work with institutional clients in the aviation and telecommunication sectors. Rodrigo Magela is currently an effective member of the Audit Board of Estácio Participações, having also been a member of the Audit Committee with Cremer S.A. in 2008 and Lojas Renner S.A. in 2007. He graduated in Economics at Wichita State University (USA).
Wagner Faccini Salaverry
Geração Futuro (Porto Alegre)
Panel: “Investment Picks”
Having graduated in Business Administration from UFRGS, Wagner Salaverry is an investment analyst, managing partner with Geração Futuro, and member of the Investment Committee responsible for managing the firm’s assets (AUM of R$ 6.1 billion in February 2011).