The 2016 Latin America Research Team


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Itaú BBA Claims Top Spot on 2016 Latin America Research Team

Last year Itaú BBA shared the winner’s circle of the Latin America Research Team, Institutional Investor’s exclusive annual ranking of the region’s best sell-side analysts, with Bank of America Merrill Lynch and J.P. Morgan. This year it has the top spot all to itself, as the latter firms slip to second place. Itaú captures 22 positions, one fewer than in 2015, and its analysts are deemed the best in five of the survey’s 25 sectors.

BofA Merrill and J.P. Morgan claim 21 positions, and their analysts top seven rosters apiece.

BTG Pactual repeats in fourth place, with 18 spots — down one from last year — while Credit Suisse holds steady at No. 5, with 14 positions.

Survey results reflect the opinions of more than 900 buy-side analysts and money managers at some 450 institutions that oversee an estimated $337 billion in Latin American equities and approximately $304 billion in Latin American debt.

Fourteen firms are represented on this year’s team, including two that did not appear in 2015: Credicorp Capital and Raymond James Argentina.

A total of 144 analysts are cited on this year’s roster, which is limited to the top three squads in each sector, plus runners-up where applicable. The full report names 301 researchers, representing 38 entities, who met minimum-vote and other eligibility criteria. (Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or

Among the highlights of this year’s results:

Five analysts oversee more than one top-ranked team.

Ricardo Cavanagh of Itaú BBA

— Argentina

— Chile

— Also pilots a team that earns a runner-up spot for coverage of North Andean Countries

Domingos Falavina of J.P. Morgan

— Financials/Banks

— Financials/Nonbanks

Claudio Irigoyen of Bank of America Merrill Lynch

— Economics (with David Beker)

— Sovereign Debt (with Jane Brauer)

_ Also manages the No. 3 team in Local Markets Strategy (with David Beker)

César Pérez-Novoa of BTG Pactual

— North Andean Countries (with Alonso Aramburú)

— Pulp & Paper (with Leonardo Correa)

— Also oversees the No. 2 teams in Chile (with Alonso Aramburú) and Metals & Mining (with Leonardo Correa)

Andrea Teixeira of J.P. Morgan

— Food & Beverages (with Pedro Leduc)

— Health Care (with Joseph Giordano)

— Also directs the No. 2 team in Retailing

Fifteen other analysts helm crews that top one sector and rank in at least one other:

Alonso Aramburú of BTG Pactual

— Argentina (with Andres Borenstein), third place

— Chile (with César Pérez-Novoa), second place

— Financials/Banks (with Eduardo Rosman), runner-up

— Financials/Nonbanks (with Eduardo Rosman), runner-up

— North Andean Countries (with César Pérez-Novoa), first place

David Beker of Bank of America Merrill Lynch

— Brazil (with Felipe Hirai), second place

— Economics (with Claudio Irigoyen), first place

— Local Markets Strategy (with Claudio Irigoyen), third place

Gustavo Cambauva of BTG Pactual

— Cement & Construction (with Gordon Lee), first place

— Real Estate (with Gordon Lee), third place

Thiago Capucci Macruz of Itaú BBA

— Health Care, second place

— Retailing (with Joaquín Ley), first place

Leonardo Correa of BTG Pactual

— Metals & Mining (with César Pérez-Novoa), second place

— Pulp & Paper (with César Pérez-Novoa), first place

Sara Delfim of Bank of America Merrill Lynch

— Capital Goods (with Murilo Freiberger), first place

— Transportation (with Ronald Epstein), runner-up

Fernando Ferreira of Bank of America Merrill Lynch

— Agribusiness (with Isabella Simonato), first place

— Food & Beverages (with Isabella Simonato), second place

Adrian Huerta of J.P. Morgan

— Cement & Construction (with Marcelo Motta), second place

— Real Estate (with Marcelo Motta), first place

Gordon Lee of BTG Pactual

— Cement & Construction (with Gustavo Cambauva), first place

— Mexico (with Claudio Ferraz), runner-up

— Real Estate (with Gustavo Cambauva), third place

Frank McGann of Bank of America Merrill Lynch

— Oil, Gas & Petrochemicals (with Vicente Falanga Neto), first place

— Argentina (with Sebastian Rondeau), second place

Marcelo Motta of J.P. Morgan

— Cement & Construction (with Adrian Huerta), second place

— Real Estate (with Adrian Huerta), first place

Guilherme Paiva of Morgan Stanley

— Argentina (with Cesar Medina), runner-up

— Brazil, runner-up

— Equity Strategy, first place

Carlos Peyrelongue of Bank of America Merrill Lynch

— Cement & Construction (with Daniel Gasparete), runner-up

— Equity Strategy (with Felipe Hirai), runner-up

­— Mexico (with Carlos Capistran), first place

— North Andean Countries (with Francisco Rodríguez), third place

— Real Estate (with Daniel Gasparete), runner-up

Isabella Simonato of Bank of America Merrill Lynch

— Agribusiness (with Fernando Ferreira), first place

— Food & Beverages (with Fernando Ferreira), second place

Gregorio Tomassi of Itaú BBA

— Equity Strategy, runner-up

— Mexico, runner-up

— Technology, Media & Telecommunications (with Susana Salaru), first place

Three teams turn in their first sector-topping appearances:

Ricardo Cavanagh & team of Itaú BBA, Chile

Joseph Giordano, Andrea Teixeira & team of J.P. Morgan, Health Care

Adrian Huerta, Marcelo Motta & team of J.P. Morgan, Real Estate

The navigation table at right includes links that lead to tables showing firms ranked by total number of positions overall and by their totals in each category (Countries & Regions, Economics & Strategy and Industries). Each of these leaders tables includes a companion roster showing how the firms fare when their results are weighted, with a rating of 4 assigned to each first-place team, 3 to each second-place team, 2 to each third-place team and 1 to each runner-up team.

The Best Analysts of the Year lists the winning troupe in each sector. Information about those that rank second, third and runner-up is available to subscribers only.

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