SECOND TEAM

Valder Nogueira, Gregorio Tomassi & team  Santander

Debuting in second place is Santander’s five-strong squad co-headed by São Paulo–based Valder Nogueira (who led Itaú Securities’ team to the runner-up position in 2009) and newcomer Gregorio Tomassi, who works out of Mexico City. Clients applaud the team’s May 2010 upgrade from hold to buy on the American depositary receipts of América Móvil, at a split-adjusted $25.34, citing the Mexico City–based telecommunications provider’s strong cash flow and improved profitability. In October, after the stock had advanced 13.3 percent, to $28.72, they downgraded it to hold, on valuation. By the end of July, the shares had tumbled 10.2 percent, to $25.80. During the same period the broad market fell 11.6 percent. “Their timing was excellent,” cheers one investor.