Gustavo Gattass & team UBS Pactual second team Emerson Leite & team Credit Suisse
third team Christian Audi & team Santander
In first place for a second year running is the UBS Pactual pair led by Gustavo Gattass, 33, praised by one client for his customer service: “No question is too small for him to answer.” In January the team reiterated its buy on the ADRs of Petróleo Brasileiro, Brazil’s largest oil and natural-gas producer, because “we believed Petrobrás was ripe for a rally,” says the Rio-based team leader. It sure was. By early April the ADRs had bubbled up 47.4 percent, from $23.27 to $34.30, and the team downgraded them to neutral, on valuation. The ADRs kept rising, gaining 20.2 percent through July, but trailed the sector by 5.2 percentage points, in dollar terms.
Repeating in second place is the three-strong Credit Suisse squad guided by Emerson Leite, who also co-leads the No. 3 teams in Argentina and Brazil. The São Paulo–based Leite “has an understanding of the exploration and drilling process that’s very cutting edge,” attests one investor. In March the team upgraded Brazilian oil and gas exploration and production company OGX Petróleo e Gás Participações to outperform, on valuation. By July 31 the stock had outperformed the sector by 60 percentage points.
Christian Audi, who directs the three-member Santander team to a second consecutive third-place finish, “has a good feel for the world markets,” says one buy-side fan. The New York–based team also recommended Petrobrás’s ADRs in January, at $24.29, citing its aggressive expansion strategy. The ADRs soared to $41.24 through July.
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