• Does Eleven follow the guidelines laid down by the regulatory bodies?

    Yes. In Brazil, this is performed by following the regulations set out in CVM Ruling nr. 598. We are also registered with Apimec and we follow its member regulations; in Europe, we follow the directives established by the MiFID2.

    Furthermore, we always aim to remain close to associations, institutions and entities within the sector, with a view to encouraging the development of the Brazilian capital market.

Eleven Financial Research

  • Who do we provide services for?

    Eleven provides services to institutions such as banks and brokerages firms, asset management institutions, wealth managers, multi and single family offices, financial advisors/planners and consultants, private equity firms, M&A firms, public/private companies, pension funds, endowments, foundations, sovereign funds, and educational institutions, for both Brazilian and foreign investors.

    We also have a team specifically focused on providing services to individual clients.

  • About us

    Founded in 2015, Eleven is an Independent Research Provider (IRP), with a mission to assist investors around the world to make the best investment decisions. By means of a proprietary analysis, we cover all the Brazilian assets classes. Our team is guided by technical precision, discipline, and responsibility, with independence of analysis lying at the core of our DNA.

  • Is Eleven totally independent?

    Yes. Our analyses express our own vision of the market without any financial or commercial influence from any sort of institutions. We are completely impartial and we look to strictly abide by this model, avoiding any conflict of interest.

  • How is Eleven remunerated?

    The remuneration received by Eleven is a charge based on the provision of the service applied to the needs of each business, considering the demands of the analysis team and the type of services provided. We always strive for a transparent model for the charging of our remuneration, which means that:

    • we do not charge by volume or the flow of the client’s financial transactions;
    • we do not receive commissions and/or rebates;
    • we do not receive a percentage of the client’s portfolio.

  • How do IRPs (Investment Research Providers) work?

    Investment Research Providers (IRPs) are companies dedicated to the analysis of investments/scenarios, aiming to offer information to the market.

    These institutions are independent since they are free from the potential conflicts of interest that are present in the principle investment research mechanism that is intrinsic to the investment bank structure.

  • Does Eleven actively manage investments?

    No. Eleven does not perform any sort of financial transaction, such as the distribution of assets or the management of a portfolio.

    Our investment recommendations are free from the charges paid for brokers, banks, companies, managers, etc. We do not receive rebates or any form of commission.

  • Does Eleven provide customized analyses?

    Yes. Our customized analyses are agreed upon in advance between the client and Eleven. Examples of customized analysis: sector, macro-economic and global market analyses, as well as analyses of companies that fall outside our range of coverage – but always guided by our independence.

  • Does Eleven have any agreements with brokers, banks or other financial institutions?

    No. We do not receive any type of rebate and/or commissions, soft dollar payments, etc. We maintain our commitment to independence and impartiality in our recommendations.


  • On which platforms is it possible to access the reports?

    We have our own platform, where users receive an individual login name which provides access to all the content produced by Eleven.

    Our reports are also available on the Bloomberg and Thomson Reuters terminals following a request for access.

Reports and Analysis

  • Which classes of assets are covered by Eleven?

    Eleven covers assets relating to fixed income, hedge and mutual funds, fundamental/technical equities analyses and others. Being independent, there are no restrictions on our coverage, which allows us to monitor more than 120 companies listed on the Brazilian stock exchange, the majority of which are classified as ‘mid-small caps’. Furthermore, we produce reports and releases on primary and secondary markets operations (IPOs, OPAs, etc.).

    Uniting a bottom-up and top-down vision, we also provide macroeconomic coverage, with Brazilian and Global analyses.

  • What is the analyst approach/process to the investment decision?

    With a ‘buy side’ mentality, our analysts are sector-focused and responsible for bringing the investment cases for discussions amongst the team. They also seek to interact with the company and to analyze information in the public domain, identifying key aspects of the case and understanding the business and the people, whilst interacting with specialists from the sector.

    Once the investment case has been established, it is explored in more depth and a formal discussion is held amongst the members of the analysis team, this being supervised by the chief-strategist. Furthermore, a meeting is held every week, with all the members of the team present, to monitor the coverage and assessment, meaning that our analysis is an ongoing process.

  • Do the analysts hold certifications?

    Yes. Eleven always aims to ensure that its team is prepared and properly equipped to provide investment advice. We are associated with Apimec, which, in turn, demands that at least 80% of a member’s analysts hold CNPI¹ certification. In addition to this, our analysts have a range of certifications, such as, for example: CFA, CGA, CPA and CEA.

    Our team holds a wide range of academic qualifications, covering many different areas and levels of education. We have analysts who hold Doctorates, Master’s Degrees, MBAs and Post-Graduate Degrees, all of which provides Eleven with a qualified and multi-faceted vision of the market.

    ¹ CNPI is the Brazilian certification that allows professionals to act formally as research analysts. Apimec is the Brazilian entity responsible for the certification, in coordination with the international association ACIIA.


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