Carlos Peyrelongue, Guilherme Vilazante & team Bank of America Merrill Lynch First-place appearances: 2

Total appearances: 15

Team debut: 1994 Bank of America Merrill Lynch’s six-strong squad led by Mexico City–based Carlos Peyrelongue and Guilherme Vilazante in São Paulo repeats in second place on this roster and holds on to the No. 3 position in Real Estate. “They have the most complete coverage cluster, which, combined with their lengthy experience, makes them the leading experts,” remarks one backer. Another fund manager lauds the researchers for “keeping up on the regulatory and business dynamics.” For example, in October they downgraded Mexico-based Empresas ICA from buy to neutral, at 28.08 pesos, after the lower house of the nation’s congress passed tax reform legislation that they believed would have a negative impact on the builder’s cash flow. But in April, when the shares had slumped 24.6 percent and trailed the sector by 37.8 percentage points, they upgraded ICA to buy, on a likely recovery in civil and industrial construction. Through late July the stock rallied to 24.67 pesos, leading its peers by 11.7 percentage points. Together with Carlos Capistran, Peyrelongue co-captains the top-ranked team in Mexico coverage this year; and with Francisco Rodríguez, he co-leads a troupe that merits a runner-up spot for its tracking of North Andean Countries.