Ishares, Inc. Form NPORT-P Filed 2021-07-28
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2020 Brazil Equity Strategy Outlook Economic Growth to Drive Markets in 2020 December 2019 Carlos E
2020 Brazil Strategy Outlook Carlos E. Sequeira, CFA [email protected] +1 646 924-2479 Osni Carfi [email protected] +55 11 3383-2634 1 2020 Brazil Equity Strategy Outlook Economic growth to drive markets in 2020 December 2019 Carlos E. Sequeira, CFA [email protected] +1 646 924-2479 Osni Carfi [email protected] +55 11 3383-2634 LEGAL DISCLAIMERS & DISCLOSURES: www.btgpactual.com/research/Disclaimers/Overview.aspx We expect Brazilian equities to continue its run in 2020 ✓Economic recovery to drive equities further up – We expect Brazilian equities to continue its run in 2020, after performing strongly for four years in a row – the Ibovespa is up 147% in BRL from 2016 to 2019. – Even though the performance has been strong, we anticipate the next leg of the rally to be just starting and to be supported by an accelerated economic recovery. – At this point, signs that the economy is picking up are evident. We expect investments and household consumption to be the main drivers of economic growth in 2020, fueled by employment growth, credit expansion and another round of economic reforms. ✓A new round of economic reforms are expected in 2020 – In 2019, the government and congress focused its efforts to approve a much waited and essential reform of Brazil’s pension system – with savings estimated at R$800bn in the next 10 years. – For 2020, the administration and congress are already working on a series of additional constitutional amendments aiming at consolidating Brazil’s fiscal accounts and overhauling the country’s public administration. -
Latin American Fund QUARTERLY LETTER | THIRD QUARTER 2019
Latin American Fund QUARTERLY LETTER | THIRD QUARTER 2019 The Latin American Fund aims to achieve capital growth by investing in a concentrated portfolio of high-quality Latin American growth companies. The Fund seeks high absolute returns over the long term and minimises the level of long-term risk by choosing well- capitalised, high-quality investments at reasonable valuations. INTRODUCTION The fund returned -9.9% (net of fees) in the third quarter and -2.6% year-to-date. While we had a setback in Argentina during the quarter we believe the region is entering a multi-year economic upcycle. In particular, Brazil is passing a series of pro- productivity reforms just as it emerges from a bad recession, setting the scene PETER CAWSTON for a prolonged period of strong growth in this top-ten global economy. We think RUPERT BRANDT, CFA Portfolio Manager Portfolio Manager this is positive for the region as a whole and particularly positive for the private sector in Brazil, where the government will deliberately shrink the market share of state-owned companies, allowing the private sector to grow much faster than the economy without taking undue risk. Interest rates at all-time lows in Brazil will stimulate the economy and should drive a reallocation of local assets from fixed income into equities, potentially kicking off Brazil’s first domestically-driven bull market. We have both spent time in Brazil in the past couple of months and for the first time in years the mood on the ground is very positive. At the end of the quarter we had 64.1% invested in Brazil, 16.5% in Peru, 9.7% in Colombia, 4.8% in Chile, 2.7% in Argentina, and 0.8% in Mexico. -
Latin American Construction Companies' Woes May Not Be Over
EMERGING MARKETS RESTRUCTURING JOURNAL ISSUE NO. 3 — SPRING 2017 Latin American Construction Companies’ Woes May Not Be Over, Yet By BROCK EDGAR and DEVI RAJANI Can Latin American construction Many regional construction companies have experienced companies survive an expected plateau or will likely be going through restructurings. In Mexico, the three largest homebuilders went through restructurings in gross fixed capital formation in a region between 2014 and 2016 and one of Mexico’s largest engineering that so desperately needs infrastructure and construction companies, Empresas ICA, S.A.B. de C.V., investment? is currently being restructured. Similarly, in a process that has been ongoing since 2015, one of Brazil’s largest engineering and construction companies, OAS S.A. is also currently being In recent years, Latin American construction companies have restructured. Looking ahead, the fallout from Odebrecht’s faced deteriorating cash flows due to overexpansion at home admission of foreign bribery will likely affect its engineering or abroad, limited financing availability due to changing and construction business, as well as its consortium partners regulations and/or government investigations (i.e., “Lava throughout Latin America where projects are being cancelled, Jato” in Brazil, also known as the Car Wash Investigation), triggering sureties and bank guarantees. falling commodity prices (primarily oil) and cutbacks in government spending; all of which have led to over-levered Against this backdrop, the uncertainty with respect to -
Estácio Participações
Estácio Participações REUNIÃO PÚBLICA ANUAL APIMEC Rio de Janeiro, 24 de novembro de 2017 AGENDA TIMELINE ESTÁCIO COMPOSIÇÃO DO CONSELHO DE ADMINISTRAÇÃO GOVERNANÇA, CONTROLES INTERNOS E GESTÃO DE RISCO INVESTIMENTOS AÇÕES ESTRATÉGICAS 2017 INOVAÇÃO PROCESSO DE CAPTAÇÃO REDUÇÃO DE BOLSAS E SUBSTITUIÇÃO DAS ISENÇÕES CURSOS ONLINE COM PRÁTICAS LABORATORIAIS LANÇAMENTO DO PARCELAMENTO ESTÁCIO OFERTA DE CURSOS HÍBRIDOS RESULTADOS ALCANÇADOS ALGUNS DIFERENCIAIS DA ESTÁCIO EVOLUÇÃO BASE DE ALUNOS RECEITA LÍQUIDA QUALIDADE E SATISFAÇÃO DOS FUNCIONÁRIOS EBITDA E MARGEM FLUXO DE CAIXA OPERACIONAL DRIVERS DE CRESCIMENTO ROBUSTA GERAÇÃO DE CAIXA TIMELINE ESTÁCIO 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 9M17 Deal com a GP Segundo Follow On Kroton CADE IPO Investments Novo Modelo Crescimento PN 23 adquire Acadêmico Primeiro do FIES GP Investments Mudança no Follow On deixa a gestão participação Criação da Conselho de Administração Events na Companhia CSC Aquisição da UNISEB 27.9% 24.3% 22.1% 22,7% 26.4% 18.0% 19.5% 15.0% 19.6% 19.0% 15.4% 17.2% 18.3% 11.8% 10.8% 10.9% 10.6% 9.7% 15.1% 7.1% 8.3% Mg. EBITDA¹ ≈ R$ 30,0 ≈ R$ 31,0 ≈ R$ 20,0 ≈ R$ 16,0 ≈ R$ 9,0 ≈ R$ 7,0 ≈ R$ 4,0 ≈ R$ 12,5 R$ ESTC3 PN23 E CENÁRIO MACRO MUDANÇAS NA CENÁRIO DE TURNAROUND CENÁRIO FAVORÁVEL (“TAIL WIND”) DESAFIADOR ADMINISTRAÇÃO COMPOSIÇÃO DO CONSELHO DE ADMINISTRAÇÃO Presidente do CA Coordenador do Comitê de Estratégia Coordenador do Comitê Coordenador do Comitê Acadêmico Membro do CA da Embraer, Braskem e Linx. de Auditoria e Finanças Foi Presidente do INEP, Diretor de Foi Presidente, CEO e Vice-Chairman da Membro do CA das Lojas Renner, SLC Educação Superior do UnyLeya, Diretor Claro e conselheiro de várias empresas no Agrícola S.A e Mills Industrial Services. -
Announcement to the Market New Members of the Board of Directors
ANNOUNCEMENT TO THE MARKET NEW MEMBERS OF THE BOARD OF DIRECTORS, FISCAL COUNCIL AND EXECUTIVE OFFICERS Rio de Janeiro, June 5th, 2008 - Estácio Participações S.A. (BOVESPA: ESTC11), the largest private post-secondary education institution in Brazil in number of students enrolled (“Company”) informs that, at the Extraordinary Shareholder´s Meeting held on June 4th, the Company´s new members of the Board of Directors were elected and new members of the Fiscal Council. On June, 5th, 2008, the Board of Directors nominated the Company´s new President and Academic Director. 1. The following is a brief profile of each member of the Board of Directors: Marcel Cleófas Uchoa Cavalcanti, Chairman, which has been monitoring the development of our campuses, in addition to other companies owned by our controlling shareholders, in Brazil and abroad. As from 1996, he has started to implement and manage our expansion project, contributing to successfully promote our national expansion. He also coordinated our restructuring process and our going public transaction, with the conclusion of the IPO process of Estácio Participações. João Baptista de Carvalho Athayde, Co-chairman, an executive officer of Sociedade de Ensino Superior Estácio de Sá, responsible for its financial planning since 2003. He has a degree in Economic and Civil Engineering from National School of Engineering of the University of Brazil. He coordinated the Budget and Finance Sector at the Ministry of Planning and Economic Coordination and was a professor of Business Organization and Administration at the National School of Engineering and at the Pontifícia Universidade Católica, Rio de Janeiro. He was also member of boards of directors of financial and industrial institutions, and was the Vice- Chairman of Associação Nacional dos Bancos de Investimento (Brazilian Association of Investment Banks), or ANBID, and Associação Brasileira das Companhias Abertas (Brazilian Association of Publicly-Held Companies), or ABRASCA. -
Abc Brasil Daycoval Linx Sabesp Aes Tiete E Dimed
LISTA DAS EMPRESAS ELEGÍVEIS - CARTEIRA DO ISE 2017 PERÍODO BASE 2016 ABC BRASIL DAYCOVAL LINX SABESP AES TIETE E DIMED LOCALIZA SANEPAR ALFA INVEST DIRECIONAL LOCAMERICA SANTANDER BR ALIANSCE DURATEX LOG-IN SANTOS BRP ALPARGATAS ECORODOVIAS LOJAS AMERIC SAO CARLOS ALUPAR ELETROBRAS LOJAS MARISA SAO MARTINHO AMBEV S/A ELETROPAULO LOJAS RENNER SARAIVA LIVR ANIMA EMBRAER LOPES BRASIL SCHULZ AREZZO CO ENERGIAS BR M.DIASBRANCO SENIOR SOL ARTERIS EQUATORIAL MAGAZ LUIZA SER EDUCA B2W DIGITAL ESTACIO PART MAGNESITA SA SID NACIONAL BANCO PAN ETERNIT MARCOPOLO SIERRABRASIL BANRISUL EUCATEX MARFRIG SLC AGRICOLA BBSEGURIDADE EVEN METAL LEVE SMILES BMFBOVESPA EZTEC MILLS SOMOS EDUCA BR BROKERS FER HERINGER MINERVA SPRINGS BR INSURANCE FERBASA MRV SUL AMERICA BR MALLS PAR FIBRIA MULTIPLAN SUZANO PAPEL BR PHARMA FLEURY MULTIPLUS TAESA BR PROPERT FORJA TAURUS NATURA TARPON INV BRADESCO GAFISA ODONTOPREV TECHNOS BRADESPAR GENERALSHOPP OI TECNISA BRASIL GERDAU OUROFINO S/A TEGMA BRASILAGRO GERDAU MET P.ACUCAR-CBD TELEF BRASIL BRASKEM GOL PARANA TEMPO PART BRF SA GRAZZIOTIN PARANAPANEMA TEREOS CCR SA GRENDENE PARCORRETORA TIM PART S/A CCX CARVAO GUARARAPES PDG REALT TIME FOR FUN CELESC HELBOR PETROBRAS TOTVS CEMIG HYPERMARCAS PETRORIO TRACTEBEL CESP IDEIASNET PINE TRAN PAULIST CETIP IGUATEMI PLASCAR PART TRISUL CIA HERING IMC S/A PORTO SEGURO TRIUNFO PART CIELO INDS ROMI PORTOBELLO TUPY COELCE IOCHP-MAXION POSITIVO INF ULTRAPAR COMGAS ITAUSA PROFARMA UNICASA COPASA ITAUUNIBANCO PRUMO UNIPAR COPEL JBS QGEP PART USIMINAS COSAN JHSF PART QUALICORP V-AGRO COSAN LOG JSL RAIADROGASIL VALE CPFL ENERGIA KEPLER WEBER RANDON PART VALID CSU CARDSYST KLABIN S/A RENOVA VIAVAREJO CVC BRASIL KROTON RODOBENSIMOB WEG CYRELA REALT LE LIS BLANC ROSSI RESID WHIRLPOOL DASA LIGHT S/A RUMO LOG. -
Análise De Empresas 27/07/2018
Análise de Empresas 27/07/2018 EcoRodovias: Bom trimestre, apesar da greve dos ECOR3 caminhoneiros Recomendação: COMPRA Preço-alvo: 12,00 • Na noite de ontem (26), a EcoRodovias divulgou um bom resultado para o Upside: 45,8% 2T18, com o Ebitda ajustado de R$ 401 milhões ficando dentro da nossa 150 ECOR3 X IBOV estimativa; 140 130 • Os principais destaques no período foram: (i) o tráfego total de veículos, 120 110 que teve queda de 5% em base anual; (ii) os custos, que ficaram estáveis 100 em base anual; e (iii) o Ebitda ajustado, que sem os efeitos da greve dos 90 caminhoneiros, teria ficado 11% acima da nossa estimativa e 7% acima do 80 70 ECOR3 IBOV consenso das projeções de mercado; 60 jul-17 out-17 jan-18 abr-18 jul-18 • Seguimos com recomendação de Compra para ECOR3 e preço-alvo de R$ Fonte: Bradesco BBI e Bloomberg 12,00/ação para dezembro de 2019. A greve dos motoristas de caminhão reduziu as receitas no 2T18 em 7% Logística (cerca de R$ 47 milhões) frente ao 1T18. No trimestre, a Ecorodovias reportou Victor Mizusaki* receita líquida de R$ 584 milhões (-2% em base anual), Ebitda ajustado de R$ 401 Ricardo França milhões (-3%) e lucro líquido de R$ 80 milhões (+4% no período). A Ecorodovias +55 11 2178 4202 perdeu R$ 47 milhões de receitas de pedágio devido à greve dos caminhoneiros e [email protected] novas isenções de tarifa de pedágio para eixos traseiros suspensos de caminhões vazios. Por outro lado, os custos permaneceram estáveis e ficaram 3% abaixo das *Analista de valores mobiliários credenciado nossas estimativas, principalmente devido às renegociações de contratos na Ecopistas responsável pelas declarações nos termos do Art. -
BLACKROCK LATIN AMERICA FUND, INC. Form NPORT-P Filed 2021-03-31
SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2021-03-31 | Period of Report: 2021-01-31 SEC Accession No. 0001752724-21-068746 (HTML Version on secdatabase.com) FILER BLACKROCK LATIN AMERICA FUND, INC. Mailing Address Business Address 100 BELLEVUE PARKWAY 100 BELLEVUE PARKWAY CIK:877151| IRS No.: 223122997 | State of Incorp.:MD | Fiscal Year End: 1130 WILMINGTON DE 19809 WILMINGTON DE 19809 Type: NPORT-P | Act: 40 | File No.: 811-06349 | Film No.: 21791675 800-441-7762 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Schedule of Investments (unaudited) BlackRock Latin America Fund, Inc. (Percentages shown are based on Net Assets) January 31, 2021 Par Security Shares Value Security (000) Value Common Stocks Corporate Bonds Argentina 1.7% Brazil 0.0% Globant SA(a) 7,432 $1,426,944 Klabin SA, 2.50%, 06/15/22 BRL 7 $35,211 Brazil 60.5% Lupatech SA, 6.50%, 04/15/21(a)(d)(e) 2,128 Afya Ltd., Class A(a) 51,837 1,150,781 Total Corporate Bonds 0.0% B3 SA - Brasil Bolsa Balcao 388,880 4,250,288 (Cost: $1,124,525) 35,211 Banco Bradesco SA, ADR 1,028,713 4,670,357 Banco BTG Pactual SA 85,786 1,490,288 Shares BB Seguridade Participacoes SA 294,609 1,489,360 Preferred Securities Cia de Locacao das Americas 227,156 1,086,084 Cyrela Brazil Realty SA Empreendimentos e Preferred Stocks 2.1% Participacoes 283,229 1,326,746 Brazil 2.1% Fleury SA 213,936 1,026,786 Gol Linhas Aereas Inteligentes SA, Preference Itau Unibanco Holding SA, ADR 724,629 3,782,563 Shares(a) . -
UEM Factsheet
EMERGING CITIES. EMERGING WEALTH. EMERGING OPPORTUNITIES. Offering long-term value in emerging markets investments MARCH 2020 KEY DATES PERFORMANCE UK closed-end investment trust focused 500 + on long-term total return Launch Date 20 July 2005 450 OBJECTIVE Year End 31 March Utilico Emerging Markets Trust plc (“UEM”) 400 seeks to provide long-term total return by AGM September 350 investing predominantly in infrastructure, Ex-Dividend Dates September, utility and related sectors mainly in December, 300 emerging markets. March & June 250 INVESTMENT APPROACH Dividend Paid Dates September, To seek to invest mainly in companies and December, 200 Mar Mar Mar Mar Mar sectors displaying the characteristics of March & June 16 17 18 19 20 essential services or monopolies such Share price total return* NAV total return* Continuation Vote To be proposed at as utilities, transportation infrastructure, MSCI Emerging Markets Indextotal return (GBP adjusted) the AGM in 2021 communications or companies with a unique product or market position. +Utilico Emerging Markets Limited – UEM’s predecessor Rebased to 100 as at 20 July 2005 PERFORMANCE (Total return*) 1 month 3 months 1 year 3 years Inception Share Price (19.9%) (31.0%) (23.2%) (13.3%) 184.8% Net Asset Value (22.3%) (29.2%) (24.9%) (17.1%) 215.5% MSCI Emerging Markets Index (GBP adjusted) (12.9%) (18.3%) (13.7%) (3.7%) 186.7% ROLLING 12 MONTH PERFORMANCE (Total return*) 12 Months to Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Share Price (23.2%) 5.4% 7.1% 24.9% (1.8%) Net Asset Value (24.9%) 3.5% 6.6% 26.2% 1.7% MSCI Emerging Markets Index (GBP adjusted) (13.7%) (0.0%) 11.7% 34.5% (9.3%) *Total return is calculated based on undiluted NAV/share price plus dividends reinvested and adjusted for the exercise of warrants and subscription shares FUND DETAILS ORDINARY SHARES Ticker: UEM.L CAPITAL STRUCTURE INVESTMENT MANAGEMENT FEE NAV at launch+ 98.36p Gross Assets less Current Liabilities £461.4m 0.65% of net assets plus Company NAV (cum income) 181.84p Bank Debt £(47.1)m Secretarial Fee. -
Disclosure Ranking of Environmental Impacts of Brazilian Companies: Analysis Using Methods Multicriteria
Disclosure Ranking of Environmental Impacts of Brazilian Companies: Analysis Using Methods Multicriteria Fabricia Silva da Rosa 1 Mara Vogt 2 Larissa Degnhart 2 Nelson Hein 2 Maria Margarete Brizzola 1 1 – Universidade Federal de Santa Catarina – Brazil 2 – Universidade Regional de Blumenau - Brazil Introduction The disclosure of social and environmental data by businesses is considered a dialogue between such businesses and their stakeholders, as the latter demonstrate interest in social and environmental activities developed by the former, which are evidence of businesses’ commitment to satisfying their corporate social responsibility (Lu & Abeysekera, 2014). Therefore, social and environmental disclosure by companies is expected to function as an effective management strategy for developing and maintaining good relations among stakeholders. Research question Objective Based on the use of the Analyzing the ranking of multi-criteria disclosure of methodologies T-ODA environmental impacts by and TOPSIS, what is the Brazilian companies ranking of disclosure of through the multi-criteria environmental impacts methodologies T-ODA and of Brazilian companies? TOPSIS. ENVIRONMENTAL DISCLOSURE The corporate The growing challenges environmental disclosure pertaining to environmental has considerable economic preservation have forced potential, given the scarcity businesses to change their of alternative sources of operational structures, thus information. However, the improving the disclosure of environmental disclosure by their policies, as well as companies is only partially their actions towards the regulated (Ane, 2012), and environment (Trierweiller, it tends to vary considerably Severo Peixe, Bornia & Campos, 2012). from company to company (Rosa et al, 2015). MATERIAL AND METHODS Population: companies belonging to the Brazilian Index 100 (IBr-X100) listed on the BM&FBovespa, constituting a total of 100 enterprises. -
John Hancock Emerging Markets Fund
John Hancock Emerging Markets Fund Quarterly portfolio holdings 5/31/2021 Fund’s investments As of 5-31-21 (unaudited) Shares Value Common stocks 98.2% $200,999,813 (Cost $136,665,998) Australia 0.0% 68,087 MMG, Ltd. (A) 112,000 68,087 Belgium 0.0% 39,744 Titan Cement International SA (A) 1,861 39,744 Brazil 4.2% 8,517,702 AES Brasil Energia SA 14,898 40,592 Aliansce Sonae Shopping Centers SA 3,800 21,896 Alliar Medicos A Frente SA (A) 3,900 8,553 Alupar Investimento SA 7,050 36,713 Ambev SA, ADR 62,009 214,551 Arezzo Industria e Comercio SA 1,094 18,688 Atacadao SA 7,500 31,530 B2W Cia Digital (A) 1,700 19,535 B3 SA - Brasil Bolsa Balcao 90,234 302,644 Banco Bradesco SA 18,310 80,311 Banco BTG Pactual SA 3,588 84,638 Banco do Brasil SA 15,837 101,919 Banco Inter SA 3,300 14,088 Banco Santander Brasil SA 3,800 29,748 BB Seguridade Participacoes SA 8,229 36,932 BR Malls Participacoes SA (A) 28,804 62,453 BR Properties SA 8,524 15,489 BrasilAgro - Company Brasileira de Propriedades Agricolas 2,247 13,581 Braskem SA, ADR (A) 4,563 90,667 BRF SA (A) 18,790 92,838 Camil Alimentos SA 11,340 21,541 CCR SA 34,669 92,199 Centrais Eletricas Brasileiras SA 5,600 46,343 Cia Brasileira de Distribuicao 8,517 63,718 Cia de Locacao das Americas 18,348 93,294 Cia de Saneamento Basico do Estado de Sao Paulo 8,299 63,631 Cia de Saneamento de Minas Gerais-COPASA 4,505 14,816 Cia de Saneamento do Parana 3,000 2,337 Cia de Saneamento do Parana, Unit 8,545 33,283 Cia Energetica de Minas Gerais 8,594 27,209 Cia Hering 4,235 27,141 Cia Paranaense de Energia 3,200 -
Hyundai Motor Company FY2017 1Q Consolidated Audit Report
HYUNDAI MOTOR COMPANY AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2019 AND 2018 (Unaudited) ATTACHMENT: INDEPENDENT AUDITORS’ REVIEW REPORT HYUNDAI MOTOR COMPANY WorldReginfo - 0b556742-746d-4a9a-914c-376b3d69b455 Contents INDEPENDENT AUDITORS’ REVIEW REPORT ----------------------------------------------------------- 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ----------------------------------- 4 CONSOLIDATED STATEMENTS OF INCOME ------------------------------------------------------ 6 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)----------------------7 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ------------------------------------ 8 CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------------- 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ----------------------------------- 12 WorldReginfo - 0b556742-746d-4a9a-914c-376b3d69b455 KPMG Samjong Accounting corp. 27th fl., Gangnam Finance Center Tel 82 2 2112 0100 737 YeokSam Dong, KangNam-gu Fax 82 2 2112 0101 Seoul 135-984 www.kr.kpmg.com Republic of Korea Independent Auditors’ Review Report The Board of Directors and Shareholders Hyundai Motor Company: Reviewed financial statements We have reviewed the accompanying condensed consolidated interim financial statements of Hyundai Motor Company and its subsidiaries (the “Group”), which comprise the condensed consolidated statement of financial position as of September 30, 2019, the condensed