Edmo Chagas
& team
BTG Pactual
First-place appearances: 2

Total appearances: 8

Team debut: 2006

At No. 3 for a second year running is BTG Pactual’s group of five under Edmo Chagas. The Rio de Janeiro–based squad reports on four companies and plans to expand coverage of Chilean names by year-end, Chagas reports. The analysts upgraded Brazil’s Fibria Celulose from neutral to buy in June 2012, at 13.77 reais, thanks to higher cash-flow generation and reduced debt, among other factors. In October, after the Brazil-based pulp producer’s stock had rallied 31.4 percent, to 18.10 reais, they lowered it back to neutral, largely on valuation. That was too soon, as it turned out. The shares rose to 26.33 reais in January before starting to slip, sinking to 20.98 reais in April then changing course again and climbing to 26.18 reais in mid-July. Nonetheless, the researchers remain neutral, based on their wary view of pulp prices. “Chagas is an experienced hand and someone I trust,” says one São Paulo–based money manager. — Ben Mattlin