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2015 All-Latin America Research Team: Local Markets Strategy, No. 2: David Beker, Claudio Irigoyen & team

< The 2015 Latin America Research Team
David Beker, Claudio Irigoyen & teamBank of America Merrill LynchFirst-Place Appearances: 0

Total Appearances: 4

Team Debut: 1995

Bank of America Merrill Lynch’s squad retains the No. 2 position on this roster, winning investor praise for providing “timely strategy recommendations,” in the words of one fund manager. Co-captains David Beker and Claudio Irigoyen work out of São Paulo and New York, respectively, and guide teams to appearances in additional sectors, as well. Irigoyen, 45, joins with Jane Brauer in leading their Sovereign Debt squad to a repeat first-place finish on that lineup. Together with Marcos Buscaglia, 39-year-old Becker directs a group that rises from No. 2 to No. 1 in Economics; with Felipe Hirai he oversess a crew that earns second-place honors for its coverage of Brazil. Participants in Latin America’s local markets are preparing for the U.S. Federal Reserve’s anticipated monetary policy moves, says Irigoyen, focusing “on the timing for the first Fed hike and the expected path for hikes ahead. Investors are keeping high cash allocations and being cautious about adding duration while waiting for the Fed.” Given the backdrop of low global yields, he adds, the strategists favor duration exposure in Latin America, in general, and particularly in Brazil, owing to the high level of yields in the region’s largest economy. On the currency front, BofA Merrill’s team prefers the Mexican peso, on a relative basis, “as Mexico should benefit from the acceleration in U.S. growth,” Irigoyen notes.


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