Rafael Magri
Chief Economist US
This year marks a decade at SPX. Ten years may seem like a long time and indeed it is.
But looking back, I am impressed by how quickly it has passed and, most of all, how much the company, the team and myself have evolved during that period I started my career at SPX in 2015, by invitation of Beny Parnes and Gabriel Hartung, and I can say that it was one of the best decisions of my career.
Unlike many of my colleagues who have shared their stories here stories full of changes in department, new challenges, and movements within the company my journey has been, at first glance, quite straight forward. I was hired to cover the American economy. Ten years later, my mission is still the same However, what might sound like a static role has actually been anything but The SPX that welcomed me in 2015 is very different from the SPX of today. And, naturally, the work we do has also changed considerably
In the beginning, our structure was very small The American economy team
consisted of an intern and myself, both working in the Rio de Janeiro office. There was no London office yet that would only open the following year, in 2016 nor was there any physical presence in the United States Everything was done from Brazil, with a lot of dedication, curiosity and, of course, the natural limitations of a small team But it was this modest beginning that paved the way for what would become, in the following years, an increasingly strategic and structured coverage.
In 2017, we took an important step with our first hire in the US, at the time in Washington, DC It was a significant milestone: not only because of the expansion of the team, but also because of
the symbolism of having a foothold in the American market, closer to the sources, data and decisions that so greatly influence the world. This proximity has allowed us to evolve in terms of quality and depth
Today, we have four economists dedicated exclusively to the American economy, with two members based in our New York office. The structure has grown, the complexity of our work has increased, and our responsibility has multiplied. We continue to focus on the same topics as before monetary policy, macroeconomic data, market dynamics but the level of sophistication of our analysis and the impact of our contributions to SPX’s decisionmaking process are greater
It’s curious how a role that has remained essentially the same can have changed so much. Spending a decade in exactly the same department may sound monotonous, but for me it has been a constant challenge. And being part of a team that refuses to settle makes all the difference. It is very clear to me that any success I have achieved has only been possible because of the people around me: the support and discussions within the macro department and the debates and questions from portfolio managers.
SPX has a reputation for being a place that demands a lot from its employees, and those who work here know that this reputation is well deserved. I understand that there is a consensus within the company that the only way to generate
consistent returns is through talent and effort Talent alone is not enough there are too many talented people around the world seeking market performance. SPX only has a reason to exist if our goal is to deliver returns that justify the trust that shareholders place in our team And it is from this conviction that our level of internal accountability arises.
Of course, not every day is easy, quite the contrary. There are moments of uncertainty, difficult decisions to be made, periods when results are slow to appear. But it is precisely in these moments that we have the greatest opportunity to learn and mature.
The other side of this coin is the recognition of the work put in. It may take a little longer or a little less, but everyone who does excellent work is duly recognised and rewarded.
For all these reasons, working at SPX has been and continues to be a privilege. Being part of building this history is a source of pride for me, and I hope to continue contributing to this success story
VISITS FROM UNIVERSITIES
We welcomed students from various universities at our São Paulo office to provide them with a deeper understanding of SPX, answer questions about the job market and explore career opportunities by HR
The students were welcomed by various departments of the company, as follows:
IBMEC Rio de Janeiro and Belo Horizonte: Credit Presentation with Albano Franco
Poli Finance: Private Equity Presentation with Carolina Giannini, Olivia Pellegrini and Thomas Vadas.
Politécnica USP: Equities Presentation with Leonardo Lima
Liga de Mercado Financeiro FGV Rio de Janeiro: Real Estate Presentation with Pedro Daltro and IR Presentation with Pedro Freire
Liga de Mercado Financeiro FGV Rio de Janeiro: Credit Presentation with Fernando Tinoco.
Liga de Mercado Financeiro FGV São Paulo: Private Equity Presentation with Carolina
SPX AT THE CONEXÃO BRADESCO EVENT
by IR
SPX was present at Conexão Bradesco, an event that promotes relationships and the exchange of experiences between the Bradesco team and partner managers.
Our Investor Relations team represented SPX during the networking sessions, presenting our products and strategies
MEETING WITH THE PARTNER – UK
In April, we had the pleasure of welcoming Bruno Marangoni to the London office To mark the occasion, we organised a Partner Meet & Greet in the form of a breakfast held on-site by HR
In addition, the team joined Bruno for an informal lunch at Gaucho
FII SPXS11 distributed dividends of BRL 0.095/share for June/25 (Dividend Yield: 1.10% p m or 14 20% p a - DY calculated using the closing price on 31/03). According to the Management Report, the Fund’s stock portfolio appreciated 10.4% for the month, outperforming the IMOB index, which advanced 9.6%. The sale of the JCC, Brookfield Faria Lima FC and Brookfield JK 1455 operations, which represented 10% of the Fund’s book value, was also completed at a gain, and the total amortisation of the Vitacon CRI was completed, ending exposure to this asset
Click here to access the Report.
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