Primer: Banco BTG Pactual (BPAC11 BZ) - Nov 2025
Dominant Latin American Franchise with Diversified Revenue Streams: Banco BTG Pactual stands as a leading investment bank, asset manager, and...
134 Views
Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels
Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...
578 Views
Brazil Financials: Losing Ground Amid Global Financials Rotation
​Rotation in EM financial sector sees selling in Brazil funding rotation into Greece, UAE, and Argentina financials, with Itau Unibanco Holding as...
385 Views
January Brazil Bank Data in Charts –NPL Trends Are the Main Concern
Seasonally, January data tends to show poor NPL trends but the pace of NPL ratio worsening are a concern; we became cautious on Banco do Brasil due...
406 Views
XP (XP US) – Modal Acquisition Edges the Needle Higher on AuC, but It Is No Bargain
XP's acquisition of Modal means it adds marginally to AuC, for a similar valuation to XP whilst Modal has a far lower average balance per client....
512 Views