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Joaquín Ley
& team
Itaú BBA
First-place appearances: 1

Total appearances: 6

Team debut: 2008

The Itaú BBA team rises one rung to claim its first appearance on top — but leader Joaquín Ley has been here before, having guided Santander’s crew to No. 1 four times, most recently in 2011. (The Mexico City–based analyst left the latter firm last year.) Ley, 40, and his three associates track 28 stocks. “We’ve had, generally speaking, a negative approach to the sector in the region over the last year, largely based on valuations that we did not believe were sustainable in the medium term and that were based on earnings estimates for which macro dynamics posed serious downside risks,” he explains. “While the sector has corrected lately and some investment opportunities are starting to arise on a selective basis, we continue to perceive it as expensive.” Among the select few the researchers recommend are Alsea, a Mexico-based operator of casual-dining restaurants and food distribution centers; and Chile’s S.A.C.I. Falabella, which operates department stores in its home country and in Argentina, Colombia and Peru. Ley also co-leads (with Gregorio Tomassi) a squad that claims a runner-up position for coverage of Mexico. — Pam Baker