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The 2014 Latin America Research Team: Capital Goods, No. 2: Bruno Savaris & team

Bruno Savaris & team Credit Suisse First-place appearances: 0

Total appearances: 10

Team debut: 2005

Vaulting from runner-up to reclaim the No. 2 position it won in 2012 is the São Paulo–based Credit Suisse pair directed by Bruno Savaris. The analysts, who report on nine stocks in this sector, also capture second place in Transportation. They are circumspect on this group for the foreseeable future, noting that Latin America’s capital goods shares, in general — and Brazilian autos, in particular — are recovering from “a few exogenous factors, most of them driven by government interventionism,” says Savaris. Public stimulus spending may have boosted sales last year, he acknowledges, but not enough to carry over in the long run. His Credit Suisse team sees Mills Estruturas e Serviços de Engenharia as an exception, however. Based in Brazil, the company provides heavy-construction gear, such as cantilevers, form-works, scaffolding and trusses, to the construction, oil services and shipbuilding industries. Mills’s appeal, says Savaris, is in its “high exposure to infrastructure,” a subsector that he and his cohorts anticipate will outperform over the next three years. “Their research is reliably insightful,” attests one money manager.


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