Congresso Value Investing Brasil 2013

(JUNE 6, 2013)

CONGRESS PROGRAM (Portuguese - click here)


Alexandre Grzybowski — Guepardo Investimentos (São Paulo)
Panel: “Investment Picks”
Partner, head of research and member of the Board at Guepardo Investimentos. Based in São Paulo, Guepardo is a long-only, absolute-return equity-fund investment management firm focusing on Brazilian public companies. Through profound fundamental analysis, Guepardo seeks to invest in excellent companies being negotiated at a discount to their economic intrinsic value. Formerly, Alexandre Grzybowski was CIO and founding partner with Sunset Administradora de Recursos, a member of the management team at Tarpon Investimentos, and co-manager of the equities division at GP Investimentos. Before that, he was an investment analyst at Skopos and derivatives trader at Banco Itaú BBA. He graduated in Electrical Engineering from Poli–USP and has an MBA in Derivatives from BMF-FEA.

Breno Guerbatin — Studio Investimentos (Rio de Janeiro)
Panel: “Investment Picks”
Member of Studio Investimentos’ Investment Committee and co-portfolio manager of Studio FIC FIA, which returned 64.1% since inception, at the end of 2009 [until the end of May, 2013], contrasting with a loss for the Ibovespa Index of 19.6% during the same period. In 2009, Breno Guerbatin was a manager with TV Globo. From 2008 to 2009, he was an equity analyst and member of the Managing Committee of BNY Mellon ARX. From 2005 to 2008, he was partner and 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.

Bruno Barreto — Investidor Profissional (Rio de Janeiro)
Panel: “Investment Picks”
Partner and member of IP’s Executive and Investment Committees, Bruno Barreto is in the team that manages the Brazilian-equity portfolio with the long-only strategy and portfolio manager of the long/short strategy since 2008. He joined IP in 2004 and has worked in several areas, including company analysis and trading. Before that, Bruno Barreto worked at the trading desk at Ágora Senior. He graduated in Economics from Instituto Brasileiro de Mercado de Capitais do Rio de Janeiro (IBMEC-RJ).

Carlos Simas — Dynamo Capital LLP (London)
Lecture: “Investing in Equities Outside of Brasil — Opportunities and Paralels with the Brazilian Market”
Partner with Dynamo — one of the most traditional managers of equity investments in Brazil, whose investment philosophy consists exclusively of fundamental analysis. Until 1999, he was a partner at Banco Icatu. Carlos Simas has a degree in Economics from PUC-RJ.

Dylan Grice — Edelweiss Holdings (London)
Lecture: “Global Macro (Part 1): Money, Europe, and China
(Part 2 was presented one day after, at the MacroMinds event)

Director of Research at Edelweiss Holdings, an investment practice focused on acquiring scarce and permanent holdings as a means of protecting the real value of capital over time. He joined Edelweiss in November 2012. In the fifteen years prior, he worked variously as an economist, a proprietary trader and strategist at various investment banking institutions. Dylan Grice holds an economics degree from Strathclyde University and an MSc degree in economics from the London School of Economics. He came to Brazil for the first time in order to participate in the Congresso Value Investing Brasil.

Fabio Alperowitch — FAMA Investimentos (São Paulo)
Lecture: “Investing in Small Caps
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$ 1.5 billion, predominantly from universities, pension funds, and insurance companies. FAMA’s most traditional fund — Futurewatch — has a return of 30% per year compounded for 20 years. Fabio Alperowitch is in the Board of Directors of Magnesita, M. Dias Branco, Grazziotin, and LogIn. He graduated in Business Administration from Fundação Getulio Vargas and was awarded the CFA — Chartered Financial Analyst — designation.

Flavio Sznajder — Bogari Capital (Rio de Janeiro)
Panel: “Investment Picks”
Founding partner with Bogari Capital and manager of Bogari Value FIA, an equity fund that obtained from November 2006 (still as a Brazilian investment club) until December 2012 gains of 1,186% — which contrast with the 53% return of the Ibovespa during the same period. Formerly, Flavio Sznajder was member of the Finance Committee with Telemar Participações, Investment Officer with Andrade Gutierrez Telecomunicações, member of the Investment Committee with infrastructure fund AG-Angra, member of the Board of Directors with TG Agro ethanol plant, member of the Board of Directors with Pegasus Telecom and senior associate with Booz-Allen & Hamilton and Gradus Management Consultant. He received an MSc in Business Administration from Coppead-UFRJ and a B.S. in Engineering from PUC-RJ. He is a member of the Board of Directors of Contax Participações.

Isabella Saboya — Jardim Botânico Investimentos (Rio de Janeiro)
Panel: “Investment Picks”
Partner, analyst and co-manager of investment funds with Jardim Botânico Investimentos. From 2001 to 2009, Isabella Saboya worked at Investidor Profissional, where she was partner, senior analyst and member of the Investment Committee. During 2000 and 2001, she part of the staff of CVM’s (Brazilian SEC equivalent) President. From 1993 to 2000, she worked at Banco Icatu as chief of research and senior analyst. In 2006 and 2007, she was in the Board of IBGC (Instituto Brasileiro de Governança Corporativa). Isabella Saboya graduated in Economics from PUC-RJ and was awarded the CFA — Chartered Financial Analyst — designation.

Luiz Fernando Figueiredo — Mauá Sekular (São Paulo)
Opening: “Macro Brasil: Interest Rates and Currency Outlook”
Luiz Fernando Figueiredo is founding partner and CIO of Mauá Sekular. Formerly, he was founding partner of Gávea Investimentos. From 1999 to 2003, he was a senior executive at Banco Central do Brasil, responsible for the DEMAB (Open Market Operations Department), the DEBAN (Department of Banking Operations and Payments System), and the DECEC (Department of Exchange and Foreign Capitals). He was partner and Treasury Director of Banco BBA. Luiz Fernando Figueiredo is a director at ANBIMA and a member of the Market Committee at the BM&FBOVESPA, and has been a director at AMEC. He graduated in Business Administration, with an emphasis in Finance, from FAAP.

Nate Chesley — MIT Investment Management Company (Boston)
Lecture: “Compounding MIT’s Capital: Value Investing from an Endowment’s Perspective
Nate Chesley has been a member of the Global Investment Staff at MIT Investment Management Company (MITIMCo) since June 2010. MITIMCo is the division of the Massachusetts Institute of Technology responsible for investing the Institute’s financial assets. MITIMCo invests almost entirely through long-term partnerships with external investment managers and maintains a value-oriented, bottom-up philosophy. Nate Chesley is responsible for sourcing, underwriting, and monitoring investments on global basis. Prior to joining MITIMCo, he held various roles in investment management and investment consulting at URS and Cambridge Associates. Nate Chesley holds a B.B.A. in Finance and Economics from the University of Massachusetts, Amherst and an M.S. in Applied Economics from the University of Utah.

Pedro Luiz Cerize — Skopos (São Paulo)
Lecture: “Investment Modeling — A Critical View of Current Instruments
Founding partner and asset allocation principal with Skopos, an equity-focused investment fund company. Formerly, he worked at Socopa, Banco Fator, and Banco BBA Creditanstalt — where he was head of the proprietary equities desk. Pedro Cerize has a Business Administration degree (with honors) from Fundação Getulio Vargas and an MBA in Finance from IBMEC. Currently, he is a Board member at Copel, Porto Seguro, and OHL Brasil.

Ralph Gustavo Rosenberg — Perfin Investimentos (São Paulo)
Panel: “Investment Picks”
Founding partner with Perfin Investimentos, responsible for managing the equity funds since 2007. He started his career as an equities trader at Banco Santander and later on became a a trader at Banco Safra. In 2006, he was responsible for the equity strategy at Avanti Gestão de Recursos. Ralph Rosenberg graduated in Business Administration and holds an Executive MBA in Finance from IBMEC.

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