Lecture: “Portfolio Rotation and the Search for Compounders”
Member of Studio Investimentos’ Investment Committee and co-portfolio manager of Studio FIC FIA, which returned approximately 302% from its inception (in the second half of 2009) until the end 2019, contrasting with a gain for the Ibovespa Index of approximately 70% during the same period. In 2009, Breno Guerbatin was a manager with TV Globo. From 2008 to 2009, he was an equity analyst and a member of the Managing Committee of BNY Mellon ARX. From 2005 to 2008, he was a partner and the Investment Officer of Brazil Energy, a private-equity boutique focused on energy and infrastructure. From 2002 to 2005, he was an investment analyst and a fund manager at Opportunity Asset Management. Breno Guerbatin graduated in Production Engineering from UFRJ and has a postgraduate Degree in Corporate Law from FGV-RJ.
Bojlesen Capital (Sao Paulo)
Panel: “Small-Cap 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.
CTM Investimentos (Curitiba)
Panel: “Small-Cap Picks”
Founding partner and portfolio manager with CTM Investimentos. During his almost 20 years in financial markets, he has been a member of the Board of Directors and of the Audit Committee of many publicly-traded companies. Daniel Alberini graduated in Economics from FAE Business School and holds an MBA in Finance, with an emphasis in Investing, from FGV-SP
Pantera Capital (Menlo Park)
Lecture: “Investing in Blockchain”
Founder, CEO, and Co-CIO of Pantera Capital, the first institutional investment firm focusing exclusively on bitcoin, other digital currencies, and companies in the blockchain tech ecosystem, currently with $700mm under management across passive, hedge, and venture funds. Pantera Bitcoin Fund, the first cryptocurrency fund in the United States (launched when bitcoin was at $65/BTC in 2013), has gained over 16,000% in seven years and returned billions of dollars to its investors. The firm subsequently launched the first exclusively-blockchain venture fund and recently concluded raising its third venture fund. In 2017, Pantera was the first firm to offer a pre-auction ICO fund. Before founding Pantera, Dan Morehead served as head of macro trading and CFO at Tiger Management with Julian Robertson, having began his career as a collateralized mortgage obligation trader at Goldman Sachs. He graduated magna cum laude from Princeton University with a B.S. in Structural Engineering and received the Carmichael Prize for his thesis.
BNDES (Rio de Janeiro)
Opening Lecture: “Brazil’s Fiscal Challenges”
Fabio Giambiagi is an Economist with graduate and master’s degrees from UFRJ. He has been a professor with UFRJ and PUC/RJ, a staff member with the IDB (Inter-American Development Bank) in Washington, D.C., assistant to the Brazilian Minister of Planning, and coordinator of IPEA’s Grupo de Conjuntura. He works for BNDES since 1984, is a monthly columnist with O Estado de São Paulo e O Globo newspapers, and is author, co-author, organizer or co-organizer of more than 30 books about the Brazilian economy.
Verde Asset Management (Sao Paulo)
Panel: “Small-Cap Picks”
Investment analyst with Verde Asset Management’s long-only and long-biased strategies and member of Fundo Verde’s Brazilian equities team. Felipe Andrioli started his career in 2007, at Credit Suisse Hedging-Griffo (now Verde Asset). He graduated in Electrical Engineering from Unicamp and in Production Engineering from Ecole Centrale Paris.
Bianco Research (Chicago)
Lecture: “2021 Macro Outlook”
President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades-long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows, and positioning in financial markets. Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Formerly, Jim was a Market Strategist in equity and fixed-income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA). Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).
José Carlos dos Reis Carvalho
Vinci Partners (Rio de Janeiro)
Lecture: “Brazil Macro Update”
Partner responsible for Vinci Partners’ Economic Strategy. Additionally, he is a Director of the Instituto de Estudos de Política Econômica/Casa das Garças (in Rio de Janeiro, Brazil). He was a chief economist at Paineiras Investimentos, Banco Pactual, and JGP, of which he was also a founding partner. José Carlos dos Reis Carvalho holds a bachelor’s degree in Economics from UFRJ, a master’s degree in Economics from PUC-Rio, and a Ph.D. in Economics from Yale University.
Mauricio Piccinato Xavier
Rio Bravo Investimentos (Sao Paulo)
Lecture: “Perspectives On the Credit Fund Market in Brazil”
Mauricio Xavier joined Rio Bravo in 2016 and is the director responsible for its Fixed-Income Fund division, managing different corporate and structured credit funds. He has more than 18 years of experience in financial markets, in Brazil and abroad, in the activities of Corporate & Investment Banking, with emphasis on structuring corporate and project financing operations. He has worked in important financial groups, including Caixa Geral de Depósitos, BNP Paribas, and Bank of America. Mauricio Xavier graduated in Civil Engineering from Universidade de São Paulo and holds an MBA from the Booth School of Business at the Universidade de Chicago.
Dorsey Asset Management (Chicago)
Lecture: “Maximizing Moats: Reinvestment Runways & Capital Allocation”
Pat Dorsey is the founder of Dorsey Asset Management, a concentrated global equity manager based in Chicago, Illinois. From 2000 to 2011, Pat was Director of Equity Research for Morningstar, where he led the growth of Morningstar’s equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books — The Five Rules for Successful Stock Investing and The Little Book that Builds Wealth. Pat holds a master’s degree in Political Science from Northwestern University and a bachelor’s degree in Government from Wesleyan University. He is a CFA charterholder.
Glazer Capital (New York)
Lecture: “Merger Arbitrage and Other Low Risk Arbitrage Strategies”
Founder, CEO, and CIO of Glazer Capital, a SEC-registered investment adviser that specializes in merger arbitrage and other low risk arbitrage strategies, manages over $1.5 billion for private and institutional investors, and has produced positive annual returns in every one of its 22 years of operation. The Firm is consistently one of the top holders of SPACs (according to 13F filings), an asset class in which it has invested since 2009. Glazer Capital focuses on strategies that are non-directional, market neutral, and liquid. Mr. Glazer has more than 30 years of industry experience, including nine years in Institutional Sales and Trading. Prior to launching Glazer Capital, Mr. Glazer worked on the sell-side at Oscar Gruss & Son, Bear, Stearns & Co., and Jefferies & Company covering risk arbitrage and other equity arbitrage investors. His clients included well known hedge funds, family foundations, and the proprietary trading operations of some of Wall Street’s largest brokerage firms. Mr. Glazer holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania.
Trigono Capital (Sao Paulo)
Panel: “Small-Cap Picks”
Founding partner — with Frederico Mesnik — and Chief Investor Officer of Trigono Capital, an investment manager focusing on Brazilian small caps: stocks of companies with a market value below R$ 5 billion and/or liquidity below R$ 10 million. An authority in the Brazilian small-cap market, Werner Roger was responsible for this strategy at Victoire Brasil Investimentos, investment management firm of which he was a founding partner and which got close to one billion dollars in AUM. His career includes 19 years in asset management (nine of them with Victoire), four years in sell-side research, and a total of 38 years in financial markets (encompassing his experience in credit, M&A, proprietary equity, and structured transactions), with professional roles in leading global organizations such as Chase Manhattan Bank, Citibank, and Western Asset Management (Legg Mason). Werner Roger graduated in Agronomic Engineering from Universidade Estadual Paulista (Unesp) and holds the Gestor CVM, PDC Fundação Dom Cabral, ANBIMA’s CPA-20, and ANBIMA’s CGA certifications.