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The 2014 Latin America Research Team: Local-Markets Strategy, No. 3: Alexandre Müller & team
Total appearances: 3
Team debut: 2012
Despite dropping one notch to No. 3,Alexandre Müllerand his three-person BTG Pactual troupe retain a loyal following, impressing clients as “very experienced,” in the words of one advocate. The strategists, who work out of São Paulo, observe that Brazil currently has a large pipeline of critical infrastructure projects, including toll roads and airports, that require access to capital markets financing. Consequently, Müller and his colleagues are recommending that investors purchase infrastructure debentures in the Brazilian market. These securities offer a good credit premium, they believe. Moreover, the projects — such as the expansion of São Paulo’s only international airport, Guarulhos–Governador André Franco Montoro International Airport — bear low demand risk. In other words, explains Müller, who also stewards thethird-place team in Corporate Debt, “the risk of these projects not generating enough cash flow to serve their debentures is really low.”