THIRD TEAM
Carlos de Alba, Bruno Montanari & team Morgan Stanley
Ascending from runner-up to third place is the Morgan Stanley trio co-directed by New York–based Carlos de Alba (who also leads the No. 2 team in Metals & Mining) and newcomer Bruno Montanari, who works out of São Paulo. Hailed for their “independent views,” as one buy-sider puts it, the analysts initiated coverage on Santiago, Chile–based packaging manufacturer Empresas CMPC in October with an underweight rating, largely as overpriced at 26,057.99 pesos. The shares plunged 21.2 percent, to 20,523.91 pesos, in March but then inched up to 21,985 pesos by the end of July, for a life-of-call loss of 15.6 percent that trailed the sector by 11.3 percentage points.