VIB 2022 Outlook
November 11, 2021 ● Schedule
Speakers
Anderson Lueders
Real Investor Gestao de Recursos (Londrina)
Panel: “Investment Picks”
Partner and co-portfolio manager with Real Investor, investment management firm with approximately R$ 3 billion under management and whose flagship fund accumulates a gain of more than 1,500% in its 12 years of existence. Anderson Lueders has 20 years of experience in financial markets and is author of the book Investindo em Small Caps: um roteiro completo para se tornar um investidor de sucesso (published in 2008, having more than 11 thousand copies sold). Formerly, he was a Director in the Brazilian Federal Justice for 18 years. He graduated in Law and holds an MBA in Corporate Management from Fundação Getulio Vargas. He also holds ANBIMA’s CGA certification.
Bernardo Doherty
Studio Investimentos (Rio de Janeiro)
Panel: “Investment Picks”
Partner and analyst responsible for the Financial and Commodities sectors at Studio Investimentos, which he joined in 2013. Formerly, he worked in the Pricing and Risk division of Banco BBM. Bernardo Doherty graduated in Industrial Engineering, with honors, from UFRJ and holds the CFA — Chartered Financial Analyst — designation.
Christian Bojlesen
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.
Danilo Santiago
RIM (New York)
Lecture: “Fundamentals of U.S. Businesses Post COVID-19”
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 15 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.
David Meneret
Mill Hill Capital (New York)
Lecture: “Relative Value in US Credit: Carry, Convexity, and Complacency”
Founder, Chief Executive Officer, and Chief Investment Officer of Mill Hill Capital, an investment adviser founded in 2015 that focuses on credit relative value investment strategies related to CLOs, Transportation and ABS, RMBS, CMBS, Financials, and IG/HY/CMBX/iTraxx Indices, utilizing unique, proprietary cash flow models — personally developed by Mr. Meneret — for portfolio construction, portfolio management, and risk management. Prior to Mill Hill, Mr. Meneret was a Senior Managing Director and Senior Portfolio Manager in charge of Securitized Debt and Corporate Financials Trading at Macquarie’s Credit Nexus Fund from 2012 to 2015, and at Macquarie’s Credit Principal Trading division from 2008 to 2012. From 2006 to 2008, Mr. Meneret was a senior trader and co-PM on the Structured Products Proprietary Trading Desk at UBS New York, managing the ABS CDO, CLO, and Aircraft ABS trading books and, notably, being involved in the acquisition of the ABS CDO/CLO cash and synthetic portfolios due to the reconsolidation of Dillon Read’s positions. From 2002 to 2006, Mr. Meneret structured Aircraft and Esoteric ABS for Credit Lyonnais Americas and Credit Agricole/Calyon Americas, having participated in structuring three large aircraft leasing portfolios and, most notably, having structured the first ever engine-backed Enhanced Equipment Trust Certificate. Mr. Meneret holds a M.S. in Financial Engineering from Columbia University and a M.S. in Industrial Engineering from Ecole Centrale Paris, France.
José Carlos dos Reis Carvalho
Vinci Partners (Rio de Janeiro)
Opening Lecture: “Macro Scenario — A Paradox? So Much Demand that Offer Decreases”
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.
Luiz Constantino
Ryo Asset (Rio de Janeiro)
Lecture: “Current Investment Cases”
Partner and director of investment management of Ryo Asset since its inception in early 2021. Luiz Constantino has 16 years of experience in financial markets. He was a senior partner with Opportunity and the professional responsible for the management of the funds Opportunity Selection and Opportunity Long Biased since their inception (in April of 2011 and in October of 2013, respectively) until his departure in february of 2021. He joined Opportunity in 2005 working in the division of equity analysis and risk analysis. Luiz Constantino graduated in Electric Engineering and Electric Production Engineering from PUC/RJ and holds a master’s in Finance and Business Economics from EPGE/FGV.
Rafael Costa da Silva
Proprio Capital Gestao de Recursos (Florianapolis)
Panel: “Investment Picks”
Portfolio manager of Próprio Capital FIA — launched as Clube de Investimentos Próprio Capital in 2009 and transformed into an equities fund in 2013 —, sole investment vehicle of Próprio Capital Gestão de Recursos, investment manager focusing on fundamental analysis that also has João Batista Lemos as a partner. Before founding Próprio Capital, Rafael Costa da Silva was founder of Somma Investimentos, where he worked until 2007. Formerly, he was an equity analyst and portfolio manager of equity and multi-strategy funds with Leme Investimentos. He started his career in 1994 at Banco BESC (of the State of Santa Catarina, incorporated into Banco do Brasil). He graduated in Economics from UFSC and in Business Administration from ESAG/UDESC and holds ANBIMA’s CGA Certification.
Ricardo da Cruz Gouveia Vieira
Logos Capital (Sao Paulo)
Panel: “Investment Picks”
With more than 20 years of experience in financial markets, Ricardo Vieira was a founding partner with Indie Capital (in 2011) before spinning off to create LOGOS CAPITAL (in 2018), casa em que é co-gestor. Formerly, he was analyst and equity portfolio manager at Mirae Asset Global for three years, after being an equity analyst with Quest Investimentos. He has also worked as a macro analyst at LCA Consultores and at Dresdner Bank. Ricardo Vieira holds graduate and master’s degrees in Economics from Universidade de São Paulo (USP).
Sergio Wolkovisky
Glazer Capital (New York)
Lecture: “Emerging-Market Arbitrage”
Mr. Wolkovisky joined Glazer Capital in January 2019 and has served as Portfolio Manager of Glazer EM Arbitrage Fund since the Fund’s inception. He spent most of his career in Emerging Markets structuring and trading, identifying and profiting from market inefficiencies. Prior to joining Glazer Capital, Mr. Wolkovisky founded Fishel Capital Management to develop an emerging markets arbitrage strategy and identify a platform to bring the strategy to market (2016-2019). This strategy became the basis for Glazer’s Emerging Markets Arbitrage Funds in 2019. Previously, he was in charge of Latin America Cross Asset Solution Structuring at Société Générale in New York (2010-2015). Prior to that, Mr. Wolkovisky worked at Royal Bank of Scotland (2008-2010) and ING Group (2005-2008) also in Emerging Market structuring roles. Beforehand, he served as the CFO of a privately held, New York based, family office (1999-2005). Mr. Wolkovisky began his career at Banamex (now part of Citibank) in Mexico City (1991-1995) as a trader in the International Futures and Options Division. After that, he was a trader with Credit Suisse in New York (1995-1997) focused on Global Emerging Markets Foreign Exchange and Local Fixed Income. Later, Mr. Wolkovisky was a proprietary trader at Republic National Bank in London (1997-1999) in charge of Eastern Europe, Middle East and Africa Foreign Exchange and Local Fixed Income. Mr. Wolkovisky received an MBA with honors (Beta Gamma Sigma) with a concentration in International Finance and Capital Markets from Columbia University Business School (1995) and graduated from Instituto Tecnológico Autónomo de México (ITAM) (1991) with an accounting degree.
Travis Cocke
Voss Capital (Houston)
Lecture: “Small-cap Cases in the United States”
Chief Investment Officer and portfolio manager with Voss Capital. Prior to founding Voss Capital, in 2011, Travis Cocke was a portfolio manager at Farney Management Corp. and a generalist research analyst at Ascendant Advisors LLC. He also interned at the Teacher Retirement System of Texas (“TRS”), a $130 billion public pension fund, in the summer of 2008, and at Omega Advisors, a $9+ billion long-short fund, based in New York City. Travis Cocke received a BBA in Finance from Texas A&M University.
Werner Roger
Trigono Capital (Sao Paulo)
Lecture: “FERBASA — A Global-Decarbonization Case”
Founding partner — with Frederico Mesnik — and Chief Investor Officer of Trigono Capital, an investment manager focusing on Brazilian small caps: stocks of companies with a market value below R$ 5 billion and/or liquidity below R$ 10 million. An authority in the Brazilian small-cap market, Werner Roger was responsible for this strategy (reaching almost one billion dollars in AUM) at Victoire Brasil Investimentos, investment management firm of which he was a founding partner. His career includes 23 years in asset management (nine of them with Victoire), four years in sell-side research, and a total of 39 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.