Guilherme Elias

SBG is an active manager which bases their investment decisions on a process established by multiple investment committees. For the firm’s fixed-income and multimarket funds, they utilize a top-down approach to construct portfolios. Their macroeconomic committee defines a central economic scenario used by portfolio managers to make strategic and tactical investment decisions and their Fixed Income and Multimarket Committees determine asset allocation strategies. For equity funds, SBG employs a combination of top-down and bottom-up approaches, focusing on fundamental research.

FAR is an active manager which performs in-house fundamental analysis of companies and industries to support investment decisions.^ The firm's investment decisions are taken from guidelines established by the Investment Committee, which meets regularly and evaluates the international scenario and its interaction with the Brazilian economy and the domestic setting, including economic activity, interest rates, exchange, sectoral implications and policy issues.