Total appearances: 6

Team debut: 2009 Itaú BBA’s crew piloted by Paula Kovarsky, 39, leaps from third place to seize the top spot for the first time. In December, Mexico’s Congress approved reforms to the country’s energy industry that would end the 75-year monopoly held by state-run Petróleos Mexicanos, or Pemex. Once it passes enabling legislation, the researchers believe, the energy-linked companies in this sector will perform well. Accordingly, they are recommending that investors favor Luxembourg-based Tenaris, which supplies steel piping and related services throughout South America, and Brazilian fuel distributor Ultrapar Participações. “Tenaris is well positioned in Mexico to take advantage of the reform,” explains Kovarsky, “given its long relationship with Pemex, its production facilities in the country and capacity expansion in the U.S.” Although Ultrapar “suffered following guidance for lower [earnings before interest, taxes, depreciation and amortization] expansion in the second quarter of 2014,” she adds, “the weaker results will be a consequence of one-off items. In our view the fundamentals remain pretty strong and will support a higher EBITDA expansion from the third quarter of 2014 on.” Her São Paulo–based troupe covers 13 regional oil and gas names, and Kovarsky also leads a team that garners a runner-up spot in Electric & Other Utilities. She worked as an M&A specialist in the development office of Royal Dutch Shell for a decade before joining Itaú in 2006 and holds a bachelor’s degree in mechanical engineering from Brazil’s Pontifícia Universidade Católica do Rio de Janeiro and an MBA from that country’s Instituto Brasileiro de Mercado de Capitais.