Congresso Value Investing Brasil 2016

JUNE 1st, 2016



Alexandre de Ázara — Mauá Capital (São Paulo)
Lecture: “Macro Brasil”
Partner and Head Economist with Mauá Capital since 2015. Formerly, he was Head Economist with Banco Modal (from 2013 to 2015), with Itaú Asset Management (from 2010 to 2013), with BRZ Investimentos (from 2008 to 2010) and with Itaú BBA (from 1998 to 2008). Alexandre de Ázara graduated in Economics from Universidade Federal do Rio de Janeiro and holds a master’s degree in Economics from Fundação Getulio Vargas.

André Gordon — GTI Administração de Recursos (São Paulo)
Lecture: “Brazil: Post-Impeachment Scenarios”
Founding partner with GTI Administração de Recursos, an independent investment management company focusing on Brazil’s stock market. During his more than 22 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.

André Ribeiro — Brasil Capital (São Paulo)
Lecture: “Valuation and Portfolio Construction Under the New Government”
André Ribeiro is a member of the investment management team at Brasil Capital, which he joined in 2008. Formerly, he was a partner at FAMA Investimentos for more than five years, having worked as trader, analyst and portfolio manager. Before joining FAMA Investimentos, he worked at Bradesco Templeton Asset Management as a trader and equity analyst and at UBS Paine Webber (San Francisco office). André Ribeiro graduated in Economics from the University of São Paulo and has concluded specialization studies in Finance at UC Berkeley, California.

Breno Guerbatin — Studio Investimentos (Rio de Janeiro)
Lecture: “Equity Fund: Has the 'Time for Caution' Ended?”
Member of Studio Investimentos’ Investment Committee and co-portfolio manager of Studio FIC FIA, which returned 86.9% since its inception, at the end of 2009 (until the end of April 2016), contrasting with a loss for the Ibovespa Index of 20.6% during the same period. In 2009, Breno Guerbatin was a manager with TV Globo. From 2008 to 2009, he was an equity analyst and 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.

Davi de Paiva Costa Tangerino — Trench, Rossi e Watanabe Advogados (São Paulo)
Lecture: “Offshore Assets and the New Brazilian Amnesty Legislation”
Davi Tangerino, partner with Trench, Rossi e Watanabe Advogados, has been working as a criminal lawyer for the past ten years, having also worked as a clerk to one of the Justices of the Brazilian Supreme Court for one year. He was a member of the National Council on Criminal and Penitentiary Policy during 2012-2014. He is currently a member of the Institute of Lawyers of Brazil (IAB), the Brazilian Institute of Criminal Sciences (IBCCrim), the International Association of Penal Law (IAPL) and the Deutsch-Brasilianische Juristenvereinigung. He wrote books and scientific articles, both in Brazil and abroad, and is a Criminal Law Professor at the State University of Rio de Janeiro, both in the undergraduate and graduate programs. Postdoctoral Fellow at Humboldt University in Berlin (Germany) (2012) and at the Max Planck Institute in Freiburg (Germany) (2011). University of Sao Paulo Law School (Ph.D.) (2009) with doctoral internship at the Humboldt University in Berlin (Germany) (2008). University of Sao Paulo (LL.M.) (2005). University of Sao Paulo (J.D.) (2001).

Fabio Alperowitch — FAMA Investimentos (São Paulo)
Lecture: “Quality Matters”
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. The firm currently manages about R$ 1.3 billion — predominantly from universities, pension funds, and insurance companies — and has a return of 20.2% per year compounded for 23 years. Fabio Alperowitch graduated in Business Administration from Fundação Getulio Vargas and was awarded the CFA — Chartered Financial Analyst — designation.

Felipe De Luca — Pollux Capital (Rio de Janeiro)
Panel: “Investment Picks”
Partner and head of the investment team at Pollux Capital, an asset management firm that focuses on long-term investing in Brazilian equities, cofounded by Paulo Lemann in 2005 and currently (April of 2016) with R$ 925 in AUM. Felipe De Luca joined Pollux Capital in 2007, when the firm started allocating in Brazilian equities. Formerly, he worked as an equity analyst and portfolio manager at JGP, from 2001 to 2007. He graduated in Economics from IBMEC-RJ.

Flavio Sznajder — Bogari Capital (Rio de Janeiro)
Lecture: “Current Investment Cases”
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 the end of April, 2016 gains of approximately 1,442% (or 33.4% per year) — which contrast with the gain of, approximately, 38.0% of the Ibovespa index (or 3.5% per year) 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.

Florian Bartunek — Constellation Asset Management (São Paulo)
Lecture: “Evolution of Investment-Thought Schools — The Brazilian Version”
Florian Bartunek is founding-partner and CIO of Constellation Asset Management, whose activities initiated in 1998 with Utor Investments, a proprietary investment vehicle of Banco Garantia’s former owners. Formerly, he was partner with Banco Pactual, where he was head of research, proprietary trader, responsible for the asset management operation and manager of all of the Bank’s equity portfolios and funds. He was manager of the Andromeda Fund (number 1 in the ranking of Brazilian equity funds, for 3 consecutive years), of the Infinity Fund (number 1 in the ranking of offshore Brazilian equity funds, for 2 consecutive years), and of a segregated portfolio for George Soros. Florian Bartunek started his career at Banco Nacional em 1989. He is the vice president of ProA — one of Brazil’s largest NGOs associated with professional education —  and a member of the Board of Fundação Lemann, Museu de Arte de São Paulo - MASP, Fundação Estudar, Somos Educação and Revista Nova Escola. Florian Bartunek graduated in Business Administration from PUC-RJ, attended the Harvard Business School-YPO Program from 2010 to 2015, and completed Bruce Greenwald’s value investing seminar at Columbia University and the Executive Program at Singularity University. He has taught value investing at IBMEC-SP (currently called Insper).

Guilherme Affonso Ferreira — Teorema Gestão de Ativos (São Paulo)
Lecture: “The Role of Activism in the Crisis”
Founding partner and CIO of Teorema Gestão de Ativos, Guilherme Ferreira is a member of the Board of Directors of Petrobrás, Gafisa, Sul América, Valid, Arezzo, and T4F. He is also in the Board of entities such as Instituto da Cidadania, AACD and Esporte Solidário —  among others. Guilherme Ferreira has a degree in Production Engineering from Escola Politécnica da Universidade de São Paulo and studied Economics and Politics at Macalester College (Minneapolis).

José Luiz Torres — Apex Capital (São Paulo)
Panel: “Investment Picks”
Partner with Apex Capital since its founding in 2011, José Luiz Torres is the analyst responsisble for the Utilities, Public Concessions, and Energy Sectors. Between 2010 and 2011, he was a sell-side analyst at Banco Safra where, after being part of the Real Estate team, he lead the Airlines & Ports area. Formerly, he worked at Arvus Capital as equity analyst and trader. Between 2006 and 2009, he was an analyst and partner with Galleas Asset Management. José Luiz Torres graduated in Naval Engineering from Universidade de São Paulo (USP).

Pedro Franco Sales — Verde Asset Management (São Paulo)
Panel: “Investment Picks”
Pedro Franco Sales is manager of the Brazilian Equities strategy —  and responsible for its analysis team — at Verde Asset Management. He joined Hedging-Griffo (currently Verde Asset Management) in 2005, where he became a partner in 2006 and an equity portfolio manager in 2009. He started his career in 1999, at JGP, as an equity analyst responsible for covering technology companies in global markets. Pedro Franco Sales graduated in Engineering from PUC-RJ.

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