second team Sara Delfim, Michael Linenberg & team BofA–Merrill Lynch
third team Nicolai Sebrell & team Morgan Stanley
For a fifth year running, the UBS Pactual duo led by Rodrigo Góes takes top honors in the sector, which was expanded this year to inaclude Industrials. Góes, 36, impresses one money manager with “his industry knowledge and experience.” In March the São Paulo–based team told investors to buy the American depositary receipts of Brazilian aircraft manufacturer Empresa Brasileira de Aeronáutica, at $9.97, on valuation. Embraer’s ADRs soared 75.6 percent by mid-April, and the team downgraded them to neutral, deeming the ADRs fully valued at $17.51. By late July they had risen to $19.49, a post-downgrade gain of 11.3 percent that trailed the sector’s by 16.1 percentage points, in dollar terms.
In second place is the Banc of America Securities–Merrill Lynch quartet conducted by new team leaders Sara Delfim, who works out of São Paulo, and New York–based Michael Linenberg. Delfim joined the firm last fall after leaving Bear, Stearns & Co., where she led last year’s No. 2 team; Linenberg is making his first appearance in this ranking. In March the team highlighted its buy recommendation on Brazil automobile-rental agency Localiza Rent a Car, at R7.70, on strong growth prospects. The shares zipped 97.1 percent, to R15.18, through July.
Newcomer Nicolai Sebrell steers Morgan Stanley’s São Paulo–based trio to a third-place finish. The team downgraded Brazilian railroad América Latina Logística to underweight in December, on valuation. Through July the stock trailed the sector by 11.2 percentage points.
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