Total appearances: 7

Team debut: 2008 For a third year running, top honors on this lineup go to Marcello Milman of BTG Pactual — and clients readily explain the analyst’s dominance. “No one else has a clearer, more honest approach,” asserts one fund manager. “Marcello is comprehensive in his scope,” cheers another advocate. Based in São Paulo, with 23 Brazilian real estate names under coverage, the 33-year-old analyst is also revered for his “balanced, evenhanded views of the market,” as another client puts it. In July 2013, Milman upgraded São Paulo–based diversified homebuilder Gafisa from neutral to buy. The developer had the previous month agreed to sell a majority stake in its high-end Alphaville Urbanismo subsidiary, and the deal was expected to generate gross cash proceeds of at least 1.4 billion reais ($651 million) that management could use to pay down debt and adjust leverage. By early May the stock had advanced 47.3 percent, against the sector’s 1.8 percent gain, and Milman downgraded it to neutral. Given the 0.35 reais-per-share dividend management began paying in December, after the Alphaville sale closed, the shares were reasonably valued and not likely to rerate further in the near term, he advised. Through July, Gafisa’s stock had retreated to 3.36 reais, dropping by 14.5 percent and lagging its peers by 12.8 percentage points. For the future, Milman recommends caution on homebuilders, owing to declining sales, and judges commercial property stocks to be “close to fairly valued,” he says.