Daniel Gewehr & team Santander

Down one notch to No. 2 is the Santander trio led by São Paulo–based Daniel Gewehr, who also helms the top team in Capital Goods. With 14 stocks under coverage (and more to come), the analysts impressed clients with a February field trip to 20 Brazilian health care companies. “They cover the gamut — from listed to unlisted competitors,” marvels one attendee. Also praised: an August 2011 upgrade of Brazil’s Fleury from hold to buy, at 20.35 reais, on its budding exposure to the rapidly growing diagnostics market. Shares of the medical-testing provider had jumped 22.9 percent, to 25 reais, by March, and the team reduced the stock back to hold, largely on valuation. By the middle of July, it had inched up 5.2 percent further, to 26.30 reais. Looking ahead, the researchers are bullish on Brazilian diagnostics services provider Diagnósticos da América, on the strength of its long-term sustainability. — Ben Mattlin