Ricardo Santos

GNB FIM is an active, research-oriented manager which follows a combined top-down and bottom-up investment methodology to construct geographically diversified portfolios with a focus on developed markets. The firm performs analysis of economic growth projections by region, evaluating countries' growth patterns, interest rates and currency forecasts. This analysis is used to forecast potential returns over a one-year period for different asset classes. GNB FIM makes sectoral allocation of equity and bond investments based on macro- and microeconomic conditions. The firm selects suitable companies for investment following a bottom-up approach, analyzing a company's turnover profile, forecast of operational margins and operational leverage as well as the financing structure and financial leverage. For equity investments, they also check if the current price is appropriate to the company's growth pattern and implicit risk, using in-house models to determine dividend discount and the price-to-earnings ratio.

GNB SGFP is an active manager which follows the Espírito Santo Activos Financeiros investment approach based on geographic diversification, with their main focus being the developed markets. The firm uses a combined top-down and bottom-up investment methodology, analyzing economic growth projections by region and considering countries' growth patterns, interest rates and currency forecasts. They typically follow a top-down approach to allocate equity and bond investments and a bottom-up approach to identify suitable companies for investment.

GNBGA is an active, research-oriented manager which follows a combined top-down and bottom-up investment methodology to construct geographically diversified portfolios with a focus on developed markets. The firm manages portfolio of securities, with the objective of valuing assets, in a medium/long-term perspective, according to the profile of each client.