THIRD TEAM

Nicolai Sebrell & team  Morgan Stanley

The Morgan Stanley trio headed by São Paulo–based Nicolai Sebrell held the No. 3 spot for the past two years in Aerospace, Transportation & Industrials; this year we divided that sector into Capital Goods and Transportation, and Sebrell’s crew lands in third place in the latter category. “Their coverage of Latin American airlines is more complete than at any other place,” declares one buy-side enthusiast. Way back in December 2008 the analysts upgraded Copa Holdings from equal weight to overweight, at $23.38, dubbing the American depositary receipts a bargain as the Panama City–based passenger and cargo air carrier was expanding its fleet and cutting costs. They have highlighted the call repeatedly since. The ADRs skyrocketed 180.6 percent, to $65.61, through July 2011, advancing 33.5 percent in the preceding 12 months alone and beating the sector by 38.9 percentage points over that period.

Runner-up

Caio Pereira Dias & team

Santander