Eduardo Rosman BTG Pactual First-place appearances: 0

Total appearances: 1

Team debut: 2014 BTG Pactual analyst Eduardo Rosman earns his first appearances on the All-Brazil Research Team with a third-place finish on this lineup and a runner-up position in Financials/Banks. “Eduardo is very diligent and is always aware of all central bank reports that bring valuable information on long-term trends,” observes one investor, who also notes the researcher’s accessibility and “very close relations with companies’ senior managements.” The sector outperformed its banking peers by 5.1 percentage points year to date through July, climbing 24.5 percent, and São Paulo–based Rosman expects that trend to continue. “While poor macro expectations, including low [gross domestic product] growth, high inflation and more monetary tightening in 2014 and 2015 aren’t good for anyone,” he explains, “they’re much less meaningful for nonbanks.” Moreover, although “industry dynamics, positive earnings expansion, low capital needs and high payout ratios have caused rich sector valuations,” adds Rossman, “we still prefer the sector versus the banks in a 12-month period.” Brasília-based BB Seguridade Participações, the insurance and brokerage unit of Banco do Brasil, is among the researcher’s top picks going forward. “With a challenging credit market, we believe selling insurance will continue to be a top priority at Banco do Brasil branches, ultimately sustaining good growth in 2014,” he notes. “In the short term, BB’s semiannual employee targets play a key role, so we expect further improvement from the already-strong figures from the first quarter.”