[{"jcr:title":"Insper duo wins global final of the Constellation Challenge 2026 in Boston","cq:tags_0":"area-de-conhecimento:economia","cq:tags_1":"programas:graduacao"},{"richText":"Antônio Almeida and Francisco Prisco, Economics students and members of InFinance, represented Brazil and secured first place in one of the most prestigious university-level equity research competitions in Latin America","authorDate":"13/04/2026 19h39","madeBy":"Por","tag":"area-de-conhecimento:economia","title":"Insper duo wins global final of the Constellation Challenge 2026 in Boston","variant":"image"},{"jcr:title":"transparente / amarelo / vermelho"},{"themeName":"transparente / amarelo / vermelho"},{"containerType":"containerTwo"},{"jcr:title":"Grid Container Section","layout":"responsiveGrid"},{"text":"Insper Economics students Antônio Almeida and Francisco Prisco took first place in the global final of the Constellation Challenge 2026, held on April 11 in Boston, United States. Members of the student organization InFinance, the two represented Brazil in a university competition focused on the analysis of publicly listed companies, in which participants are required to develop and defend an investment thesis before a panel of leading figures from the financial market. This year, the company selected for analysis was Restaurant Brands International (RBI), a group controlled by 3G Capital and owner of brands such as Burger King and Popeyes. The challenge involved developing a complete investment case, with slides in English, followed by presentations of up to ten minutes and five minutes of questions. In the Brazilian round, held in São Paulo, the qualified teams competed in person for spots in the global final. The top two advanced to Boston.  The partnership between the two students emerged from a long-standing desire to work together. Antônio, 19, is in his third semester of the Economics programme. Francisco, 20, is in his sixth semester. Friends and members of InFinance, they took advantage of the fact that the competition started earlier this year to finally put their plan into action. Francisco, who was on exchange in Milan last semester, accepted the invitation as soon as Antônio realized that the schedule would allow their participation. “Antônio and I had always wanted to work together, to develop a project together, but it had never happened,” said Francisco. “At first, we just wanted to work on something together.” Antônio says the decision brought together personal affinity, learning, and professional interest. “We wanted to do this kind of team project at least once before starting our careers,” he said. “Constellation is the most competitive challenge in Brazil and in Latin America today.” For him, the competition also represented an important opportunity for exposure and growth. “It was the perfect combination of useful and enjoyable.” Synthesis and research depth RBI proved to be a particularly challenging subject of analysis. With operations in more than 120 countries, four major brands, and a complex business model, the company required both careful analysis and an unusual capacity for synthesis. “The company is very large. It operates worldwide,” Antônio summarized. “The main challenge was to condense everything into a 10-minute presentation without leaving out anything relevant.” In the students’ view, it was precisely this clarity that helped distinguish them from the other finalists. In a competition where all teams analyze the same company and typically present technically robust studies, the ability to communicate the investment thesis effectively makes a difference. “It’s very important that people understand what you’ve done,” said Francisco. “The way we structured and delivered our presentation highlighted our work, and it became very clear to both the audience and the judges what our key points were.” Antônio adds that the differentiator also lay in the depth of their research. According to him, the duo spoke with market professionals, individuals connected to the company, and hard-to-access sources to support their analysis with a perspective more aligned with real investment logic. “We managed to talk to many people who made a big difference,” he said. “And we tried to move beyond simply showing why the company is good, to demonstrating why it would be a strong investment.” Recognition and learning In the global final, the Insper duo competed against a team from FGV and a team composed of students from Harvard and Duke University. The format followed the same structure as previous rounds: ten minutes for presentation and five minutes for questions. The work was evaluated by Florian Bartunek, Founder and CIO of Constellation Asset Management; Josh Kobza, CEO of Restaurant Brands International; Alex Behring, Co-founder of 3G Capital; and Phillipe Braga de Arruda, Equity Analyst at Constellation Asset Management. More than the trophy, the two Insper students highlight the personal and professional growth gained from the experience. Francisco emphasizes the learning related to discipline, time management, and communication. “We needed to be extremely effective in what we were doing,” he said. “Whenever we were working, we had to make the most of our time, with quality.” He also mentions the challenge of defending a thesis in front of full audiences, first at Insper and then in Boston. “We had to train extensively to speak clearly and convey confidence to the audience.” Antônio highlights the intensity of the process and the value of interacting with top-level professionals. “We put in many hours and dedicated ourselves intensely,” he said. For him, the project opened doors to conversations that would hardly happen in other contexts and provided important validation of their work. “It’s proof that everything you’re doing is producing practical results. At the very least, it shows we are moving in the right direction.” Both students also emphasize the role of InFinance and Insper in their achievement. Francisco describes the student organization as essential, both for its technical foundation and for the collective support during preparation. Antônio summarizes the environment created by the organization as “an ecosystem that made everything possible.” For him, Insper’s institutional strength also helped open doors and added credibility in interactions with alumni and market professionals. Although they have not yet defined a specific area in which they intend to work after graduation, Antônio and Francisco say they plan to pursue careers in the financial market. In this path, the Constellation Challenge victory stands as an important milestone — not only for the visibility it provides, but for what it represents in terms of effort, consistency, and execution. “It’s not necessarily that we are better than anyone else,” Francisco noted. “But it proves that we went after it and gave it our best.” Antônio shares the same view. More than a finish line, the title serves as confirmation that the path they have taken so far makes sense."},{"jcr:title":"Francisco Prisco (left) and Antônio Almeida with Priscila Borin Claro, Dean of Undergraduate Education","alt":"Francisco Prisco (left) and Antônio Almeida with Priscila Borin Claro, Dean of Undergraduate Education"}]