THIRD TEAM

Loredana Serra & team  Morgan Stanley

Down one spot to third place is the Morgan Stanley trio under New York–based Loredana Serra, who also leads the No. 2 team in Retailing. The analysts “challenge my views with insightful knowledge,” observes one portfolio manager. Their stock picking produces mixed results, however. The team downgraded Mexico City–based brewer Grupo Modelo from equal weight to underweight in January 2010, deeming the shares overpriced at 64.60 pesos. When improving operating results prompted the researchers to upgrade back to equal weight in June 2011, the stock had risen 10.7 percent, to N$71.50, but nonetheless lagged the sector by 14.5 percentage points. By the end of the following month, it had inched up 1.3 percent further, to N$72.46.