Edmo Chagas, César Pérez-Novoa & team BTG Pactual First-place appearances: 2

Total appearances: 8

Team debut: 2006 After two consecutive years at No. 3, BTG Pactual’s five-strong group under the guidance of Edmo Chagas and César Pérez-Novoa rises to second place, recording the firm’s best-ever showing. Researchers in Santiago and São Paulo track 14 regional pulp and paper companies, and the squad also captures third place in Metals & Mining. Clients laud their steadfast coverage: “They have good ideas and stick with them,” as one fund manager says. A current example is in their following of Empresas Copec, a Chilean conglomerate that is involved in the commercial fishing, forestry and fuel-distribution industries. The team reinstated reporting on Copec in October with a buy rating, at 7,138.40 Chilean pesos, largely thanks to volume growth. The shares traded sideways through late July, closing at 7,158.50 pesos, while the sector slumped 16 percent. Pérez-Novoa attributes the disappointing performance to investor concern over tax hikes. “There’s no company-specific reason,” he insists. Accordingly, with earnings on the rise, the analysts are maintaining their positive stance, assigning a price objective of 9,046 Chilean pesos. This year, Pérez-Novoa also co-heads, with Alonso Aramburú, the No. 1 and No. 2 troupes in coverage of Chile and North Andean Countries, respectively. Chagas, who has led crews to appearances on the Latin America Research Team every year since 2002, retired in May.