Here are some of the facts, figures and highlights of the 2016 Latin America Research Team, Institutional Investor’s annual ranking of the region’s leading sell-side analysts.
Most popular squads (as measured by number of votes cast):
• Pedro Leduc, Andrea Teixeira & team of J.P. Morgan, Food & Beverages (first place)
• David Beker, Claudio Irigoyen & team of Bank of America Merrill Lynch, Economics (first place)
• Carlos Constantini & team of Itaú BBA, Brazil (first place)
• Domingos Falavina & team of J.P. Morgan, Financials/Banks (first place)
• Ilan Goldfajn & team of Itaú BBA, Economics (third place)
Most popular sectors (as measured by number of voters*):
• Economics (winner: David Beker, Claudio Irigoyen & team, Bank of America Merrill Lynch)
• Brazil (Carlos Constantini & team, Itaú BBA)
• Financials/Banks (Domingos Falavina & team, J.P. Morgan)
• Equity Strategy (Guilherme Paiva & team, Morgan Stanley)
• Food & Beverages (Pedro Leduc, Andrea Teixeira & team, J.P. Morgan)
Most popular sectors (as measured by number of votes*):
• Economics (winner: David Beker, Claudio Irigoyen & team, Bank of America Merrill Lynch)
• Financials/Banks (Domingos Falavina & team, J.P. Morgan)
• Brazil (Carlos Constantini & team, Itaú BBA)
• Food & Beverages (Pedro Leduc, Andrea Teixeira & team, J.P. Morgan)
• Retailing (Joaquín Ley, Thiago Capucci Macruz & team, Itaú BBA)
(*Survey participants may cite up to four analysts per sector.)
Five analysts oversee more than one top-ranked team:
• Ricardo Cavanagh of Itaú BBA
— Argentina
— Chile
— Also pilots a team that earns a runner-up spot for coverage of North Andean Countries
• Domingos Falavina of J.P. Morgan
— Financials/Banks
— Financials/Nonbanks
• Claudio Irigoyen of Bank of America Merrill Lynch
— Economics (with David Beker)
— Sovereign Debt (with Jane Brauer)
_ Also manages the No. 3 team in Local Markets Strategy (with David Beker)
• César Pérez-Novoa of BTG Pactual
— North Andean Countries (with Alonso Aramburú)
— Pulp & Paper (with Leonardo Correa)
— Also oversees the No. 2 teams in Chile (with Alonso Aramburú) and Metals & Mining (with Leonardo Correa)
• Andrea Teixeira of J.P. Morgan
— Food & Beverages (with Pedro Leduc)
— Health Care (with Joseph Giordano)
— Also directs the No. 2 team in Retailing
Fifteen other analysts helm crews that top one sector and rank in at least one other:
• Alonso Aramburú of BTG Pactual
— Argentina (with Andres Borenstein), third place
— Chile (with César Pérez-Novoa), second place
— Financials/Banks (with Eduardo Rosman), runner-up
— Financials/Nonbanks (with Eduardo Rosman), runner-up
— North Andean Countries (with César Pérez-Novoa), first place
• David Beker of Bank of America Merrill Lynch
— Brazil (with Felipe Hirai), second place
— Economics (with Claudio Irigoyen), first place
— Local Markets Strategy (with Claudio Irigoyen), third place
• Gustavo Cambauva of BTG Pactual
— Cement & Construction (with Gordon Lee), first place
— Real Estate (with Gordon Lee), third place
• Thiago Capucci Macruz of Itaú BBA
— Health Care, second place
— Retailing (with Joaquín Ley), first place
• Leonardo Correa of BTG Pactual
— Metals & Mining (with César Pérez-Novoa), second place
— Pulp & Paper (with César Pérez-Novoa), first place
• Sara Delfim of Bank of America Merrill Lynch
— Capital Goods (with Murilo Freiberger), first place
— Transportation (with Ronald Epstein), runner-up
• Fernando Ferreira of Bank of America Merrill Lynch
— Agribusiness (with Isabella Simonato), first place
— Food & Beverages (with Isabella Simonato), second place
• Adrian Huerta of J.P. Morgan
— Cement & Construction (with Marcelo Motta), second place
— Real Estate (with Marcelo Motta), first place
• Gordon Lee of BTG Pactual
— Cement & Construction (with Gustavo Cambauva), first place
— Mexico (with Claudio Ferraz), runner-up
— Real Estate (with Gustavo Cambauva), third place
• Frank McGann of Bank of America Merrill Lynch
— Oil, Gas & Petrochemicals (with Vicente Falanga Neto), first place
— Argentina (with Sebastian Rondeau), second place
• Marcelo Motta of J.P. Morgan
— Cement & Construction (with Adrian Huerta), second place
— Real Estate (with Adrian Huerta), first place
• Guilherme Paiva of Morgan Stanley
— Argentina (with Cesar Medina), runner-up
— Brazil, runner-up
— Equity Strategy, first place
• Carlos Peyrelongue of Bank of America Merrill Lynch
— Cement & Construction (with Daniel Gasparete), runner-up
— Equity Strategy (with Felipe Hirai), runner-up
— Mexico (with Carlos Capistran), first place
— North Andean Countries (with Francisco Rodríguez), third place
— Real Estate (with Daniel Gasparete), runner-up
• Isabella Simonato of Bank of America Merrill Lynch
— Agribusiness (with Fernando Ferreira), first place
— Food & Beverages (with Fernando Ferreira), second place
• Gregorio Tomassi of Itaú BBA
— Equity Strategy, runner-up
— Mexico, runner-up
— Technology, Media & Telecommunications (with Susana Salaru), first place
Three teams turn in their first sector-topping appearances:
• Ricardo Cavanagh & team of Itaú BBA, Chile
• Joseph Giordano, Andrea Teixeira & team of J.P. Morgan, Health Care
• Adrian Huerta, Marcelo Motta & team of J.P. Morgan, Real Estate
Number of analysts who appear on the roster: 144
Number of firms they represent: 14
Number of analysts who meet the survey’s eligibility criteria: 301**
Number of firms they represent: 38*
Number of analysts making their first appearance on the team: 39 (the full list can be found here)
**Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or eweisz@iiresearchgroup.com.
The 2016 Latin America Research Team is based on input from more than 900 representatives of some 450 institutions that manage an estimated $337 billion in Latin American equities and approximately $304 billion in Latin American debt.
