Emy Shayo Cherman & team J.P. Morgan
The buy side says: “I like the way they mix bottom-up and top-down research.”
Repeating in first place is the J.P. Morgan foursome led by Emy Shayo Cherman, 38. The São Paulo–based analysts added Lojas Renner, already rated overweight, to their top ten list in February, at 49.69 reais, because “it was the most discounted retailer in our coverage universe, and we continue to like the company on a fundamental basis,” Cherman explains. Shares of the Porto Alegre–based department store operator rose as high as R61.27 in early June before starting to slip; they ended July at R55.74 — a gain of 12.2 percent that outdistanced Brazil’s broad market by 21.6 percentage points. The analysts removed Metalúrgica Gerdau, a steelmaker headquartered in Porto Alegre, from their top ten list in March, at R23.89, on slowing worldwide demand. The stock had slumped 25.7 percent, to R17.74, by late July. “They’re very good at integrating economic information with both micro and macro analyses to create a consistent strategic vision,” marvels one admirer.