总出场:13
团队首次亮相:1993
马塞洛告诉和他在瑞士信贷(Credit Suisse)的同事从第三名升至第二名，部分原因是他们避开了羊群。一位基金经理表示:“马塞洛非常有见地，不害怕表明立场，尤其是反对共识。”“他对巴西银行的反向看涨和对墨西哥的负面看法就是明显的例子，这些都获得了巨大回报。”这三位分析师在他们位于墨西哥和巴西的办公室里监控着这一领域的17只股票。尽管从2014年到今年7月底，拉丁美洲的银行股上涨了16.4%，相比之下，整体市场的涨幅为7.4%，但收益分布并不均匀。泰勒斯表示:“不同市场的表现差异很大，因此选择正确的市场是拉丁美洲银行投资组合的关键。”巴西股市上涨22%，墨西哥股市持平。哥伦比亚和秘鲁的银行股表现强劲，智利的股票表现落后。研究人员预计这一趋势将持续到年底。泰勒斯报告称:“我们仍然认为，市场为墨西哥的增长付出了过高的代价，更不用说仍然过于乐观的盈利预期了，因此秘鲁和哥伦比亚的银行提供了更好的风险回报主张。” “Brazilian banks are not a bargain but remain attractive. However, we prefer to play through private sector banks, as volatility should remain high ahead of presidential elections” in October. Their favorite names are commercial banks Credicorp of Peru and Bancolombia of Colombia. Regarding Credicorp, they “see a better margin environment from the ongoing dedollarization process, better cost control and a still positive macroenvironment, with at least 4 percent [gross domestic product] growth,” he explains. “Why overpay for high expectations in Mexico when you can buy reality cheap in Peru?” For Bancolombia they forecast “better margins on the back of lower valuation losses and the continuation of the monetary tightening cycle, not to mention a more positive macroeconomic environment with accelerating growth,” says Telles, whose fans eagerly sing his praise. The researcher is “skilled, persuasive, intelligent and convincing,” another backer insists.