2015 All-Latin America Research Team: Food & Beverages, No. 2: Andrea Teixeira & team

<The 2015 Latin America Research Team Andrea Teixeira & teamJ.P. MorganFirst-place appearances: 8

Total appearances: 28

Team debut: 1994

Andrea Teixeiraof J.P. Morgan shepherds her Food & Beverages crew from runner-up to second place. The 41-year-old researcher, who works out of New York, assumed leadership of this team last year, after the May departure of long-time leader Alan Alanis for UBS. She also guides herRetailing squadto a repeat first-place finish, and she oversees another group that merits a runner-up position on the Health Care roster. Three of her teammates covering this sector are based in Brazil, one is in Mexico and another is stationed in Chile. Together they cover 39 regional stocks, impressing clients with their mastery of the industry and comprehensive reporting. “We are selective in the beverages [subsector] given the hangover from last years’ FIFA World Cup, which generated a tough comparison for beer,” says Teixeira. “In the food [subsector] we are positive, based on volume, pricing and raw-materials costs in boosting results. For exporters there is the tailwind from revenues in hard currency.” In general, she adds, the researchers “favor quality over value, at this point, given that in a scenario of deceleration of major economies in the region, best companies execute best and grab market share.” Their top pick is Brazil’s BRF. Formerly known as BRF – Brasil Foods, the company makes processed foods and is the world’s largest poultry exporter. In October they projected that management’s efforts to sell directly to customers in BRF’s home market and optimize its export portfolio would pay off and turned bullish on the stock. Indeed, by the middle of last month, the shares had jumped 13 percent, to 69 reais, while the regional broad market slumped 6.8 percent. Teixeira and her associates forecast a further rise to 74 reais. She joined J.P. Morgan’s research group in January 2004, upon completion of her full-time MBA in corporate finance at New York University’s Stern School of Business. Previously, she provided advisory services in the firm’s M&A business. Teixeira started in the industry as an equity analyst on the buy side at Rio de Janeiro’s Latinvest Asset Management, then launched her sell-side career at local investment bank Banco Bozano Simonsen. She earned a bachelor of business administration degree from the Universidade Federal do Rio de Janeiro.