October 3rd, 2023
from 8:20 am to 6:45 pm BRT
The event will be held at the Blue Tree Premium Faria Lima hotel
(Sao Paulo) and also transmitted via Zoom(live only; event schedule and registration information can be found in the Portuguese page linked above, to the right)
Victori Capital (Stamford, Connecticut)
Lecture: “When Expensive Is Actually Cheap”
Portfolio Manager and a founding partner of Victori Capital. His professional investing career spans nearly two decades and includes senior roles at the Dreyfus Corporation, Dalton Greiner Hartman Maher, Louis Dreyfus Highbridge, and Cramer Rosenthal McGlynn. Adriano Almeida received a B.S. and M.S. in Aerospace Engineering from Embry Riddle Aeronautical University, and an MBA from Columbia University.
GTI Administração de Recursos (Sao Paulo)
Lecture: “Tax Reform’s Effects on the Stock Market”
Founding partner with GTI Administração de Recursos, an independent investment management company focusing on Brazil’s stock market. During his more than 27 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 Director of AMEC (Associação de Investidores no Mercado de Capitais) and holds a master’s degree in Economics from EPGE/FGV-RJ and an Economics degree from FEA/USP.
Bojlesen Capital (Sao Paulo)
Panel: “Investment Picks” (Moderator)
Analyst and portfolio manager of the Bojlesen FIA — whose strategy, since 2008 (initially as the Clube de Investimentos Bojlesen), focuses on fundamental analysis, value investing and small caps — which he founded in 2008. Christian Bojlesen graduated in Business Administration with emphasis in Finance from Colorado State University and holds the CGA (ANBIMA) and CNPI (Apimec) certifications.
Kawa Capital Management (Miami)
Virtual Lecture (from Miami): “Global Macro and Main Asset Classes”
Chief Executive Officer and Chief Investment Officer of Kawa Capital. Daniel Ades has been responsible for overseeing the firm’s investment decisions since its inception, in 2007, and is ultimately responsible for the overall strategy across all of Kawa Capital’s investing. He has been instrumental in building the investment team and creating the infrastructure capable of processing large amounts of simultaneous transactions and analyses, as well ensuring an institutional-quality foundation for the different areas of the firm. Prior to forming Kawa Capital, he was a Partner at Horn Eichenwald Investments, an SEC-registered boutique investment advisor servicing high net worth clients. Daniel Ades has a B.A. in Economics and International Relations from Tufts University, and a Master of Arts in Law and Diplomacy (MALD), with a focus on economic development and international business relations, from the Fletcher School. He received honors for his master’s thesis on pricing of emerging market debt, building a model for determining credit spreads in emerging market bonds by linking a government’s tax revenue, its existing debt load, and the volatility of currency option markets. He is philanthropically active in several organizations in Miami and Israel, with a focus in education.
RIM (New York)
Lecture: “How to Invest in an Infinite Loop Run World?”
Founder of Rational Investment Methodology (RIM), which focuses on a quasi-static group of approximately 65 publicly traded, liquid U.S. stocks. These companies, defined as RIM’s Circle of Competence (CofC), have been followed for more than 16 years. RIM employs extensive industry research and analysis, building highly detailed proprietary discounted-dividend models, which are used to determine the “fair values” of companies based on different scenarios. Lastly, RIM constructs “rules-based” model portfolios (long-short, long-only, or long-aggressive) with a company-specific margin of safety relative to “fair value,” using its proprietary Odysseus portfolio construction tool. Selected model portfolios are replicated into clients’ accounts, using Interactive Brokers’ platform, adjusting the number of shares in each client’s account in a pari-passu manner. Danilo Santiago graduated in Electrical Engineering from the University of São Paulo and holds an MBA from Columbia University.
Alianza (Sao Paulo)
Lecture: “Value Investing in Real Estate Assets”
Fabio Carvalho has 28 years of experience in financial and investment markets. He worked in some of the first independent investment managers focusing in Brazilian equities, still in the mid-1990s and early 2000s. He was also responsible for first initiatives by investment managers specializing in real estate assets and was involved in about R$ 5 billion in developments or acquisitions of income-yielding real estate assets, between commercial buildings and logistics. He graduated in Business Administration from Mackenzie University and holds an MBA from FIA-USP, a postgraduate degree in Finance from FGV and an OPM (Owner/President Management) from Harvard Business School.
Stoxos (Sao Paulo)
Panel: “Investment Picks”
Portfolio manager and analyst with Stoxos FIA, which originated as a Clube de Investimentos she founded in 2014. Formerly, she was co-portfolio manager at Nest Investimentos (2014), buy-side analyst at Guepardo Investimentos (from 2012 to 2013), Itaú Unibanco (from 2011 to 2012), BRL Capital (from 2010 to 2011), and J.P. Morgan (from 2008 to 2010), and sell-side analyst at Banco Fator (from 2007 to 2008). Heloísa Cruz started her career at Monitor Group, a strategy consulting firm managed, among others, by Michael Porter and Tom Copeland. She graduated in Chemical Engineering from USP’s Escola Politécnica, holds the CFA (Chartered Financial Analyst) designation and, through Stoxos Desenvolvimento, teaches Equity Investing, Fundamental Analysis, and Valuation.
Bronte Capital (Sydney, Australia)
Virtual Lecture (from Sydney): “Short Selling”
John Hempton has been a financial markets professional since 1999 and is Chief Investment Officer and co-owner at Bronte Capital, which que founded in 2009. He was Head of Financials and the youngest partner at Platinum Asset Management, which listed in 2007. John believes that sitting in Australia, out of time-zone with most of his firm’s larger Long/Short competitors, and avoiding broker research, enables Bronte to have a fresh and unique view of companies.
Michael Howell is CEO of CrossBorder Capital, a London-based FCA registered, independent research and investment company that he founded in 1996. The firm provides asset allocation and capital markets advice to institutional investors, and manages US$ 1 billion of assets. Michael is involved with educational charities and currently advises a major educational foundation on its investment strategy. He has also advised the World Bank on capital flows, co-authoring their publication Opportunities in Emerging Markets (World Bank, 1995), served as board director of a listed Japanese investment trust and recently authored the book Capital Wars (Macmillan, 2020). Previously he was Head of Research for Baring Securities and board member, where he focussed on Emerging Markets, and Research Director of Salomon Brothers. Before entering finance, Michael worked as Group Economist for Blue Circle Industries. He holds a Phd. in Financial Economics from London University, specialising in Fixed Income, and is a SEC-qualified US Supervisory Analyst.
Apex Capital (Sao Paulo)
Panel: “Investment Picks”
Founding partner, portfolio manager and head of analysis with Apex Capital, one of the most traditional fund managers in the Brazilian market, founded in 2011, with a strong compromise with its investment process and with fundamental analysis. Adding to its equity focus, the management team also considers macroeconomic factors in its quest for selecting the best investment opportunities in publicly-traded companies. Paulo Weickert has more than 20 years of professional experience. He was a director at Quest Investimentos and a member of the analysis team of funds rewarded in specialized ranking publications such as Valor Investe, Standard & Poor’s, Exame, and Investidor Institucional. He has also worked at Santander Asset Management from 2005 to 2008. Paulo Weickert graduated in Mechanical Engineering.
Organon Capital (Sao Paulo)
Panel: “Investment Picks”
Founding partner and Director of Investments with Organon Capital. Formerly, Raphael Maia became an Associate Partner with BTG Pactual Asset Management, where he worked from 2011 to 2020. He started his career as equity analyst at Fator Administração de Recursos and, following that, worked as private and public equities analyst at Tarpon Investimentos. He graduated in Business Administration from Fundação Getulio Vargas (FGV-EAESP) and is licensed as portfolio manager by CVM (ICVM 558).
Sergio Fontana dos Reis
Set Investimentos (Sao Paulo)
Panel: “Investment Picks”
Founding partner with Set Investimentos, portfolio manager registered with the Comissão de Valores Mobiliários (CVM), and fundamentalist investor for more than 24 years. Sergio Fontana dos Reis was in the Board of Directors of Sadia for 15 years. He was CIO and President of Fundação Attílio Fontana, a Brazilian pension fund. He graduated in Architecture and Urbanism from Universidade de São Paulo.
Valter Bianchi Filho
Fundamenta Investimentos (Porto Alegre)
Lecture: “Concentration or Diversification — What’s Best for a Value Investor?”
Founding partner with Fundamenta Investimentos. He graduated as Electrician Engineer from UFRGS and holds an MBA in Entrepreneurship from ANFE (Italy), an MBA in Marketing from FGV, and a master’s Degree in Business Administration, with emphasis in Finance, from UFRGS.