SECOND TEAM  Javier Martínez de Olcoz & team  Morgan Stanley

After two years in the runner-up position, the Morgan Stanley quartet headed by New York–based Javier Martínez de Olcoz (who’s moving to São Paulo this fall) leaps to second place. The team produces “the best in-depth research,” in the estimation of one money manager. In October the analysts published a report on midcap fertilizer producer Fertilizantes Heringer, arguing that the Viana, Brazil–based concern was well-positioned to benefit from a local boom in farming; they upgraded the shares from equal weight to overweight, at 7.99 reais. The stock price climbed as high as R10.75 in March before starting to wilt, ending July at R9.47 — a gain of 18.5 percent that beat the sector by 12.3 percentage points.