It is not just a challenge.
it is a path.

The best thing a human being can do is help another human being know more.”
— Charlie Munger, Berkshire Annual Meeting, 2010

We don't only want to challenge - we want to teach.

Constellation Challenge is more than a fundamental equity research competition - it is a learning process. The investment case is only a means to a greater end: we hope that by the end of the competition, you are able to evaluate an investment in a publicly listed company from beginning to end.

To those who are interested in finance, it is the ideal opportunity to gain technical knowledge in research and to learn about an investors’ day-to-day routine, network with the industry and with other students who share the same interest.


  • Constellation chooses one listed company to be analyzed

  • Students are required to create groups from 1 to 3 people in order to perform their analysis

  • The Challenge has the following steps:

    • Deliverable 1: Elaborate a sector analysis with up to 10 slides

      • Constellation selects the best groups for the next round

    • Deliverable 2: Elaborate a complete investment case that should be presented in 10 minutes

      • Constellation selects the best groups to present their case

    • Presentation: Selected groups present their case to Constellation members and up to 5 finalists are choosen for a final round

    • Final round: After another round of presentations, the winner is choosen among the 5 finalists

EXTRA: During the 2019 Constellation Challenge edition, the winner from Constellation Challenge US and the winner from Constellation Challenge Brazil will present their investment case during the Brazil Conference, held at Harvard and MIT in April 2019. We will then choose the winner between those two.

In 2018, we hired our summer intern after giving a Value Investing class to the Constellation Challenge finalists.

Finalists have the opportunity to present their investment cases to the Board and Executives of the chosen company. Below is the list of companies previously chosen:

  1. Linx (2015)

  2. Raia Drogasil (2016)

  3. Fleury (2017)

  4. Grupo Ultra (2018)

Six Constellation Team members have been recruited through the Constellation Challenge.