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Sara Delfim
Bank of America Merrill Lynch
First-place appearances: 2

Total appearances: 6

Analyst debut: 2007

Sara Delfim captures first place for a second straight year. The Bank of America Merrill Lynch researcher, who is headquartered in São Paulo, follows 12 stocks. In January she reiterated a buy rating on Arteris, at 19.60 reias, thanks to the São Paulo–based toll-road operator’s “exposure to infrastructure spending,” she explains, which would give it earnings resilience despite likely inflation increases and possible currency depreciation. The stock raced to 23.07 reias in May before slamming into reverse, dropping to 18.15 reais the following month. But by mid-July it had climbed back to 20.50 reias, for an overall 4.6 percent gain that still outpaced the sector by 17.1 percentage points. The 39-year-old continues to recommend it, primarily on valuation. “Sara is honest and indefatigable in her search for value added,” attests one asset manager in Rio de Janeiro. — Ben Mattlin