SECOND TEAM
Francisco Errandonea & team Santander
Holding steady in second place for a second straight year is the five-member Santander team directed by Santiago-based Francisco Errandonea, who “has being doing this for a number of years, so you know that his analysis of Chilean names is always going to be of high quality and rigorous,” observes one investor. The analysts downgraded Empresas La Polar in December, at 3,263.14 pesos, on concerns about the management of the Santiago-based retailer’s credit business. In June regulators announced that they were investigating allegations of consumer-lending fraud and insider trading at the company, and trading in the shares was suspended for one week. At that time the stock was already down 28.4 percent, to 2,336.20 pesos; by late July it had fallen to 510.30, a loss of 84.4 percent since the analysts’ downgrade that trailed the Chilean broad market by 75.1 percentage points.
