SECOND TEAM

Guilherme Paiva & team  Morgan Stanley

Rocketing from runner-up to second place is the Morgan Stanley foursome helmed by New York–based Guilherme Paiva, who also leads the No. 2 team in Equity Strategy and co-leads the No. 2 team in Mexico. “They’ve got a great roster of analysts,” says one satisfied client. “I like the work they do on aerospace and infrastructure, and their small-caps analyst is excellent. They provide unique insights that you can’t get from any other firm.” The analysts added BR Malls to their list of top picks in January, at 15.20 reais, on expectations that the Rio de Janeiro–based operator of high-end shopping centers provided an inflation hedge to investors. In early April, after the stock had shot up 16.1 percent, to R17.65, and outpaced the broad market by 11.5 percentage points, the team dubbed the stock fully valued and removed it from their list. The shares had inched up only 2.3 percent, to R18.06, by the end of July.