< The 2015 Latin America Research Team
Carlos Peyrelongue, Guilherme Vilazante & teamBank of America Merrill LynchFirst-place appearances: 2
Total appearances: 16
Team debut: 1994Slipping from second place after two years to No. 3 is the six-person Bank of America Merrill Lynch team shepherded by Carlos Peyrelongue in Mexico City and São Paulo–based Guilherme Vilazante. Considered “one of the most experienced teams, with truly value-added recommendations,” as one buy-sider puts it, the researchers report on 27 regional cement and construction companies. While continuing to hold a positive outlook on Cemex Latam Holdings, in February they warned of imminent earnings declines at the Colombian building materials supplier, resulting largely from a sharp devaluation of the peso against the dollar and slowing cement output. The stock was then trading at 15,500 pesos, and by mid-July it had tumbled to 12,800 pesos. Although they are faulted for not reducing their buy rating on Cemex Latam, BofA Merrill’s analysts believe that an upsurge in infrastructure spending will bolster performance. Co-captains Vilazante, 40, and 47-year-old Peyrelongue also oversee a troupe that captures a runner-up position on the Real Estate roster. In addition, with Carlos Capistran, Peyrelongue steers the No. 2 Mexico squad; he joins with Francisco Rodríguez in heading the third-place team on the North Andean Countries lineup; and he and Felipe Hirai direct a crew to a runner-up showing in Equity Strategy.