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

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.

HOW DOES IT WORK?

• Constellation selects a listed company to be analyzed

• Students are required to create groups from 1 to 2 people in order to perform their analysis

• The Challenge consists of the following stages:

  • Development of a full investment case, presented in up to 10 minutes

    • Constellation selects the strongest submissions for presentation

  • Selected teams present their cases to a judging panel, which selects up to 4 winners

  • Special 2026 Prize: the four winning teams earn an all-expenses-paid trip to Boston to present their case to an international panel — for the first time in the Challenge

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

• Linx (2015)

• Raia Drogasil (2016)

• Fleury (2017)

• Grupo Ultra (2018)

• Mercado Livre (2019)

• Stone (2020)

• BTG Pactual (2021)

• AB InBev (2022)

• Arezzo (2023)

• Mercado Livre (2024)

• Rede D’or (2025)

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