As small caps americanas e brasileiras: Construção de duas carteiras no período de 2015-2022

Luiz Henrique  Ardezzoni; Renata Oliveira Pires de Souza

doi:10.22409/eas.v9i1.61263

Authors

Luiz Henrique Ardezzoni Escola de Agricultura Luiz Queiroz/ USP
Renata Oliveira Pires de Souza Fatec Ogari de Castro Pacheco

DOI:

https://doi.org/10.22409/eas.v9i1.61263

Abstract

This study aims to conduct a comprehensive analysis of two distinct markets: the Brazilian and the American markets. More specifically, the study focuses on the meticulous evaluation of companies classified as 'small caps' in these markets, characterized by having a market value in the range of R$ 1 billion to R$ 10 billion. Employing in-depth methods of fundamental analysis and applying the theories developed by Markowitz, we have constructed two distinct portfolios. These portfolios were then compared based on their financial performance, using profitability metrics as the main parameter. The crux of the argumentation lies in the observation that the Brazilian market has proven to be more conducive to investments in 'small caps,' substantiated by the finding that the portfolio associated with this market demonstrated superior returns in the period from 2015 to 2022. This in-depth analysis provides valuable insights for investors interested in asset allocation strategies in 'small caps' markets.

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