Giovana Araújo, Paula Kovarsky & team Itaú Securities
Runners-up last year, the three-member Itaú Securities team takes third place. Co-captained by Giovana Araújo and Paula Kovarsky (who also leads the No. 2 team in Oil, Gas & Petrochemicals), the São Paulo–based researchers impress investors with “on-the-ground knowledge, good industry understanding, broad sector coverage, useful modeling and skill at keeping up with the companies,” as one portfolio manager puts it. In July 2009 the team upgraded the ADRs of Cosan to outperform, at $5.87, calling the Brazilian sugar and ethanol holding company an ideal play on rising sugar prices. Through July 2010 the stock skyrocketed 93.5 percent, to $11.36. The analysts remain bullish.
