经济学与战略 - 股权战略：第二

ItaúBBA的Carlos Constantini从第三名前进到第二个。基于保罗的战略家正在敦促客户减轻巴西股市 - 有一些值得注意的例外 - 关于明年的国会和总统选举的政治不稳定以及经济增长放缓的担忧。(In July the nation’s Ministry of Finance slashed its 2013 real gross domestic product growth forecast from 3.5 percent to 3 percent.) Constantini adds that global investors could pull out of Latin American and other emerging markets once the U.S. Federal Reserve begins to curtail its quantitative easing strategy, which could happen by the end of this year. “If capital flows are leaving the country, this could translate into negative performance for prices of most asset classes,” he says. The few names Constantini is recommending include Brasília’s BB Seguridade Participações, the insurance unit of state-owned Banco do Brasil; São Paulo–based fuel distributor Ultrapar Participações; and Vale, a diversified metals and mining outfit headquartered in Rio de Janeiro — all of which are well positioned to weather any macroeconomic storms, he believes. —Carolyn Koo