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link	country	Universe Stocks
Top Picks	AUSTRALIA	51
Top Picks	BRAZIL	76
Top Picks	BRITAIN	108
Top Picks	CANADA	67
Top Picks	CHILE	22
Top Picks	CHINA	115
Top Picks	COLOMBIA	16
Top Picks	DENMARK	12
Top Picks	FRANCE	57
Top Picks	GERMANY	38
Top Picks	HONG KONG	54
Top Picks	INDIA	98
Top Picks	INDONESIA	30
Top Picks	ITALY	17
Top Picks	JAPAN	110
Top Picks	MALAYSIA	42
Top Picks	MEXICO	29
Top Picks	NETHERLANDS	20
Top Picks	PHILIPPINES	22
Top Picks	RUSSIA	135
Top Picks	SOUTH AFRICA	51
Top Picks	SOUTH KOREA	115
Top Picks	SPAIN	25
Top Picks	SWEDEN	25
Top Picks	SWITZERLAND	36
Top Picks	TAIWAN	119
Top Picks	THAILAND	27
Top Picks	TURKEY	28
Top Picks	UNITED STATES	563

Top BRAZIL Long Picks

Ticker	Company	Sector	1m	6m	YTD	1yr	2yr	3yr	4yr	PE RATIO 2019	EV/EBITDA 2019	P/S 2019	P/B 2019	DIVIDEND YIELD 2019	GROSS MARGIN 2019	ROA 2019	ROE 2019	CUR RATIO 2018	QUICK RATIO 2018	INTEREST COVERAGE RATIO 2018	TOT DEBT TO TOT CAP 2018	EBITDA Margin 2019	revenue Growth 2020	Net Income Growth 2020	DPS Growth 2019	EBITDA Growth 2020	BPS Growth 2020	Capex Growth 2020	FCF Growth 2020	PEG Ratio 2019
OIBR4 BZ zranks	Oi SA	Telecommunication Services	51.75	132.51	92.52	-5.85	-59.44	51.61	40.41	0.0	5.4	0.1	0.3	0.0	23.9	-13.1	-44.7	2.0	1.0	-6.4	41.8	19.4	-30%	0%	0%	20%	-40%	-30%	0%	0.0
ENBR3 BZ zranks	EDP - Energias do Brasil SA	Utilities	19.69	5.32	-29.34	52.44	-6.88	3.62	50.16	10.0	6.9	0.7	1.4	1.8	19.4	5.3	15.1	1.5	1.1	3.4	43.5	19.1	-40%	-50%	-50%	-30%	-20%	-40%	0%	0.0
CPLE6 BZ zranks	Cia Paranaense de Energia	Utilities	17.43	5.74	-20.81	128.18	13.25	-4.18	43.09	9.5	6.6	0.6	1.1	2.6	27.6	5.4	12.0	1.0	0.8	2.5	41.5	25.7	-30%	-0%	30%	-20%	-10%	160%	-40%	0.0
BRFS3 BZ zranks	BRF SA	Consumer Staples	37.41	-8.42	-52.27	54.81	-48.85	-25.43	8.97	23.5	8.6	0.6	3.6	0.0	24.2	0.7	4.0	1.3	0.6	-0.1	74.8	15.7	-10%	90%	0%	-30%	-30%	300%	-0%	0.0
CPFE3 BZ zranks	CPFL Energia SA	Utilities	20.90	-0.29	-26.55	20.76	28.73	-23.89	109.30	14.3	9.5	1.0	3.2	1.6	22.0	6.3	23.2	1.1	0.8	2.7	61.9	20.2	-30%	-10%	10%	-20%	-10%	560%	-60%	0.0
BVMF3 BZ zranks	B3 SA - Brasil Bolsa Balcao	Financials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	19.0	0.0	0.0	0.0	0.0	7.0	10.8	1.3	1.2	6.4	15.3	72.1	0%	-30%	0%	10%	0%	100%	0%	0.0
MPLU3 BZ zranks	Multiplus SA	Consumer Discretionary	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	-34.10	11.55	20.68	11.4	6.7	7.4	16.3	3.2	95.3	21.3	145.5	1.1	1.1	17,227.7	0.0	70.6	270%	-0%	-0%	0%	-20%	17440%	0%	0.0
ECOR3 BZ zranks	EcoRodovias Infraestrutura e Logistica SA	Industrials	39.86	-7.18	-35.61	67.60	-29.79	52.91	103.18	0.0	11.5	1.7	19.9	0.0	38.1	-1.7	-33.9	1.5	1.4	2.5	92.1	34.5	-30%	0%	0%	10%	40%	-10%	0%	0.0
LREN3 BZ zranks	Lojas Renner SA	Consumer Discretionary	25.56	-2.10	-35.08	42.38	3.39	67.90	68.41	39.4	19.6	3.6	9.5	1.3	61.1	10.8	25.4	1.4	1.1	16.0	32.7	24.8	-40%	-30%	20%	-60%	-10%	-40%	-20%	0.0
BBSE3 BZ zranks	BB Seguridade Participacoes SA	Financials	24.18	0.69	-32.68	38.65	-7.36	5.02	50.73	11.3	10.2	16.2	14.3	5.0	0.0	46.6	110.3	0.0	0.0	0.0	0.0	95.5	-40%	-30%	20%	-50%	-10%	-100%	0%	0.0
BBDC3 BZ zranks	Banco Bradesco SA	Financials	35.19	8.51	-41.72	23.22	2.60	23.43	98.81	12.9	0.0	1.8	2.2	5.1	0.0	1.7	17.5	0.0	0.0	0.0	61.8	0.0	-60%	-50%	90%	0%	-20%	-100%	0%	1.3
BBDC4 BZ zranks	Banco Bradesco SA	Financials	36.39	11.50	-38.48	14.68	10.91	31.17	111.23	12.9	0.0	1.8	2.2	5.1	0.0	1.7	17.5	0.0	0.0	0.0	61.8	0.0	-60%	-50%	90%	0%	-20%	-100%	0%	1.5
TAEE11 BZ zranks	Transmissora Alianca de Energia Eletrica SA	Utilities	31.28	19.89	-7.85	36.40	7.88	9.59	71.87	10.7	12.3	5.0	2.2	5.5	68.0	10.1	21.1	3.0	0.3	3.7	41.9	61.9	-40%	-40%	-20%	-20%	-30%	5720%	0%	0.4
FIBR3 BZ zranks	Fibria Celulose SA	Materials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	30.47	51.16	-23.88	12.3	5.6	2.3	2.7	1.9	45.8	7.7	21.3	1.8	1.4	2.4	56.9	50.7	-30%	70%	150%	-20%	60%	-30%	70%	0.0
CESP6 BZ zranks	Cia Energetica de Sao Paulo	Utilities	14.88	-1.86	-25.13	46.16	41.31	-1.20	26.83	9.2	13.6	4.2	1.5	0.0	30.5	10.0	16.3	1.0	0.7	11.7	3.0	54.9	-10%	-80%	0%	0%	-20%	70%	80%	0.0
CTIP3 BZ zranks	CETIP SA - Mercados Organizados	Financials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	50.98	20.3	12.7	7.2	6.3	4.2	83.2	15.5	32.4	3.0	2.7	7.9	43.4	58.1	-10%	10%	10%	10%	10%	440%	20%	0.0
CSNA3 BZ zranks	Cia Siderurgica Nacional SA	Materials	19.33	111.20	28.74	64.49	-9.94	-24.08	230.09	10.9	9.2	0.5	1.9	2.2	32.1	3.6	19.0	1.1	0.5	47.7	74.2	19.4	-20%	-50%	0%	40%	-40%	-60%	-20%	0.0
CRUZ3 BZ zranks	Souza Cruz SA	Consumer Staples	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	17.2	10.8	5.9	11.7	6.7	63.7	26.3	69.2	1.5	0.6	25.7	22.8	42.1	-30%	-40%	10%	-40%	0%	-100%	0%	0.0
TBLE3 BZ zranks	Engie Brasil Energia SA	Utilities	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	10.3	0.0	0.0	0.0	42.3	8.6	34.7	1.1	0.9	8.9	60.6	51.8	-20%	-10%	0%	-20%	0%	20%	0%	0.0
ITUB4 BZ zranks	Itau Unibanco Holding SA	Financials	32.11	6.87	-34.35	8.83	13.93	28.31	82.32	13.3	0.0	2.0	2.6	5.2	0.0	1.7	19.8	0.0	0.0	0.0	78.8	0.0	-60%	-50%	-20%	0%	-20%	-100%	0%	2.7

Portfolio Longs Average Return 1m 20.3%, 6m 14.1%, YTD -12.9%, 2017 29.6%, 2016 -2.2%, 2015 12.9%, 2014 57.2%

Top BRAZIL Short Picks

Ticker	Company	Sector	1m	6m	YTD	1yr	2yr	3yr	4yr	PE RATIO 2019	EV/EBITDA 2019	P/S 2019	P/B 2019	DIVIDEND YIELD 2019	GROSS MARGIN 2019	ROA 2019	ROE 2019	CUR RATIO 2018	QUICK RATIO 2018	INTEREST COVERAGE RATIO 2018	TOT DEBT TO TOT CAP 2018	EBITDA Margin 2019	revenue Growth 2020	Net Income Growth 2020	DPS Growth 2019	EBITDA Growth 2020	BPS Growth 2020	Capex Growth 2020	FCF Growth 2020	PEG Ratio 2019
CYRE3 BZ zranks	Cyrela Brazil Realty SA Empreendimentos e Participacoes	Consumer Discretionary	37.25	44.11	-18.87	98.54	8.09	27.42	71.17	27.5	22.6	1.3	2.4	2.5	30.9	4.2	8.4	3.5	1.6	-0.3	30.0	14.3	-30%	60%	20%	-10%	60%	-70%	1450%	0.3
JBSS3 BZ zranks	JBS SA	Consumer Staples	31.56	7.35	-27.96	114.72	1.41	-15.16	17.50	11.3	6.0	0.2	2.3	2.1	15.6	5.1	22.0	1.7	0.9	1.8	66.8	9.7	-0%	-70%	20100%	0%	-0%	-0%	50%	3.8
ITSA4 BZ zranks	Itausa - Investimentos Itau SA	Financials	31.54	8.40	-35.16	23.24	14.23	35.33	74.28	11.5	84.4	18.8	2.2	6.2	25.8	15.5	18.7	2.7	2.0	1.8	6.6	28.9	-0%	-50%	-20%	0%	-30%	-100%	0%	0.0
BRPR3 BZ zranks	BR Properties SA	Real Estate	31.38	8.19	-41.57	70.31	-32.71	39.27	8.40	19.2	9.7	7.9	1.0	0.0	0.0	3.0	4.8	1.5	0.0	1.5	37.7	209.5	-30%	0%	0%	-80%	-30%	0%	-90%	0.2
ALLL3 BZ zranks	Rumo SA	Industrials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	52.3	14.1	4.0	4.9	0.0	35.0	2.6	9.5	1.7	1.4	1.7	57.3	53.7	0%	0%	0%	0%	0%	-100%	0%	0.0
UGPA3 BZ zranks	Ultrapar Participacoes SA	Energy	36.44	9.99	-34.00	-5.19	-37.86	10.50	41.03	74.1	15.5	0.3	2.9	0.9	6.8	1.2	4.0	2.6	1.8	2.2	60.8	2.7	-30%	60%	-70%	10%	-0%	-10%	-30%	0.0
MDIA3 BZ zranks	M Dias Branco SA	Consumer Staples	9.30	-16.83	-31.10	-14.03	-29.20	35.15	113.26	23.2	17.7	2.4	2.1	0.7	35.4	7.0	9.6	1.9	1.2	15.5	18.3	12.7	-10%	-20%	-40%	-10%	-20%	-40%	0%	0.0
ARTR3 BZ zranks	Arteris SA	Industrials	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	0.0	0.0	0.0	0.0	20.7	-0.2	-0.6	0.6	0.5	0.5	52.7	38.8	0%	0%	0%	0%	0%	-100%	0%	0.0
KLBN4 BZ zranks	Klabin SA	Materials	9.04	21.37	5.12	27.58	-17.88	12.42	-5.74	33.2	10.4	2.3	3.7	4.0	33.3	2.1	11.0	2.9	2.5	2.5	74.9	35.5	-10%	0%	60%	-0%	-60%	90%	0%	0.0
LAME4 BZ zranks	Lojas Americanas SA	Consumer Discretionary	4.44	-23.01	-28.63	28.62	-0.90	-1.26	28.74	59.0	14.6	1.8	8.0	0.7	36.4	2.3	14.0	2.1	1.4	1.1	71.4	18.4	-20%	-40%	120%	-30%	60%	-20%	-100%	2.1
LAME3 BZ zranks	Lojas Americanas SA	Consumer Discretionary	-2.15	-23.50	-23.74	28.62	-1.70	3.71	47.37	59.0	14.6	1.8	8.0	0.7	36.4	2.3	14.0	2.1	1.4	1.1	71.4	18.4	-20%	-40%	120%	-30%	60%	-20%	-100%	1.7
HGTX3 BZ zranks	Cia Hering	Consumer Discretionary	17.78	15.68	-57.40	16.10	0.88	78.37	29.47	25.7	19.7	3.1	3.9	2.4	43.8	12.2	15.6	3.3	2.1	75.3	0.0	17.1	-50%	-20%	-20%	-60%	-10%	-10%	-70%	0.5
TOTS3 BZ zranks	TOTVS SA	Information Technology	-2.45	18.23	-7.59	131.54	-21.83	23.62	-2.53	46.1	23.7	2.1	5.0	0.9	67.4	7.1	11.2	1.4	1.2	4.3	27.1	20.7	-20%	10%	80%	-10%	-10%	300%	-40%	1.9
AEDU3 BZ zranks	Anhanguera Educacional Participacoes SA	Consumer Discretionary	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	51.6	23.6	3.1	2.8	0.0	42.3	3.4	5.5	1.8	1.6	3.6	25.6	16.5	10%	100%	0%	50%	10%	40%	120%	0.0
KROT3 BZ zranks	Kroton Educacional SA	Consumer Discretionary	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	#N/A N/A	0.0	13.8	0.0	0.0	0.0	60.0	0.7	1.5	2.2	1.8	5.7	30.5	31.0	-40%	0%	0%	-60%	0%	-20%	0%	0.0
GOAU4 BZ zranks	Metalurgica Gerdau SA	Materials	14.06	41.72	-12.52	31.92	5.05	19.06	255.40	22.4	7.2	0.2	1.0	1.3	10.6	0.8	4.4	1.9	0.7	3.3	38.0	13.3	0%	0%	0%	0%	0%	-100%	0%	0.0
MULT3 BZ zranks	Multiplan Empreendimentos Imobiliarios SA	Real Estate	42.91	5.31	-40.35	33.46	-10.66	20.05	91.76	41.9	24.8	11.8	3.5	1.4	0.0	5.1	8.6	1.8	0.0	3.4	34.5	70.4	-20%	-30%	-0%	-30%	-20%	0%	-60%	1.5
EMBR3 BZ zranks	Embraer SA	Industrials	65.10	0.00	-62.96	-12.23	-6.91	25.09	-35.17	0.0	54.6	2.0	1.0	0.0	13.7	-3.1	-9.1	2.3	1.2	-6.3	48.1	1.8	40%	0%	0%	0%	-10%	-30%	0%	0.0
ODPV3 BZ zranks	Odontoprev SA	Health Care	20.51	-7.51	-34.46	20.96	-24.68	29.25	67.11	31.4	20.7	4.6	8.0	2.2	55.2	16.7	26.6	1.4	1.2	0.0	0.0	22.5	-30%	-10%	110%	-10%	-20%	110%	-40%	2.0
CCRO3 BZ zranks	CCR SA	Industrials	38.36	-4.29	-39.08	71.93	-37.49	2.99	62.31	26.7	9.8	2.3	4.7	4.0	42.4	4.5	17.6	0.9	0.8	1.7	66.9	50.9	-30%	-60%	20%	-30%	-20%	610%	-80%	6.4

Portfolio Longs Average Return 1m 20.3%, 6m 14.1%, YTD -12.9%, 2017 29.6%, 2016 -2.2%, 2015 12.9%, 2014 57.2%

Portfolio Shorts Average Return 1m 19.3%, 6m 5.3%, YTD -24.5%, 2017 33.3%, 2016 -9.6%, 2015 17.3%, 2014 43.2%

tick	totrank
OIBR4 BZ	29.07
ENBR3 BZ	26.75
CPLE6 BZ	24.85
BRFS3 BZ	23.15
CPFE3 BZ	21.60
BVMF3 BZ	18.97
MPLU3 BZ	17.94
ECOR3 BZ	17.21
LREN3 BZ	13.86
BBSE3 BZ	13.59
BBDC3 BZ	12.94
BBDC4 BZ	12.77
TAEE11 BZ	12.20
FIBR3 BZ	12.02
CESP6 BZ	11.29
CTIP3 BZ	10.82
CSNA3 BZ	10.57
CRUZ3 BZ	10.23
TBLE3 BZ	10.11
ITUB4 BZ	8.99
RADL3 BZ	7.88
SBSP3 BZ	7.34
POMO4 BZ	7.15
CMIG4 BZ	6.65
CSMG3 BZ	6.09
RENT3 BZ	4.95
ESTC3 BZ	4.36
QUAL3 BZ	2.98
ABEV3 BZ	2.09
ELET3 BZ	2.08
ELET6 BZ	2.07
PSSA3 BZ	1.43
SANB11 BZ	0.78
BRML3 BZ	0.65
VIVT4 BZ	0.16
BRSR6 BZ	-0.52
SULA11 BZ	-0.69
CSAN3 BZ	-1.64
MRVE3 BZ	-1.93
DTEX3 BZ	-2.17
BBAS3 BZ	-2.21
CIEL3 BZ	-4.02
BRAP4 BZ	-4.05
SUZB5 BZ	-4.15
HYPE3 BZ	-4.41
GGBR4 BZ	-4.86
ENEV3 BZ	-5.14
MPXE3 BZ	-5.15
USIM5 BZ	-5.38
PETR3 BZ	-5.64
PETR4 BZ	-5.64
WEGE3 BZ	-5.74
VALE5 BZ	-7.42
VALE3 BZ	-7.78
PCAR4 BZ	-8.37
BRKM5 BZ	-8.61
CCRO3 BZ	-9.79
ODPV3 BZ	-10.07
EMBR3 BZ	-10.23
MULT3 BZ	-10.34
GOAU4 BZ	-11.03
KROT3 BZ	-11.69
AEDU3 BZ	-12.37
TOTS3 BZ	-12.95
HGTX3 BZ	-12.98
LAME3 BZ	-13.57
LAME4 BZ	-13.69
KLBN4 BZ	-14.20
ARTR3 BZ	-15.27
MDIA3 BZ	-15.31
UGPA3 BZ	-17.23
ALLL3 BZ	-20.02
BRPR3 BZ	-24.51
ITSA4 BZ	-41.72
JBSS3 BZ	-191.52
CYRE3 BZ	-315.01