< The 2015 Latin America Research Team
Alonso Aramburú, César Pérez-Novoa & teamBTG PactualFirst-place appearances: 3
Total appearances: 7
Team debut: 2007At No. 2 for a second year running, BTG Pactual’s 11 North Andean Countries researchers — including three economists in New York, Medellín and Santiago — “do a very good job of putting all their resources to work,” attests one money manager. “Whenever I need to do modeling, they provide me with the superior level of granularity that I need.” This booster also lauds the group for its broad range of reporting and teamwork. Coordinating those efforts are Alonso Aramburú in New York and Santiago-based César Pérez-Novoa, both of whom are 43 years old. The duo also guides a squad that earns first-place honors on the Chile roster for a second straight year. In addition, Aramburú, with Eduardo Rosman, co-captains teams that win runner-up positions in the two Financials sectors, Banks and Nonbanks; while Pérez-Novoa, with Leonardo Correa, oversees one group that repeats at No. 2 on the Pulp & Paper lineup and another that rises from third place to first in Metals & Mining. The team covering this space is upbeat on the prospects for Peruvian diversified holding company Intercorp Financial Services. Loans and fee income are experiencing double-digit expansion, the analysts advise, even as asset quality is improving and expense growth remains in check. What’s more, an expected pickup in domestic economic activity through year-end 2015 is likely to provide an additional tailwind, they believe. They also recommend that investors buy Colombia’s Avianca Holdings, their top airline selection in Latin America. Drivers include solid earnings-per-share growth; lower jet fuel costs; and the company’s operational footprint, as it were, in key markets where economic performance is relatively good — such as Central America, Colombia and Peru — compared with much of South America.