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The 2014 Latin America Research Team: Metals & Mining, No. 3: Edmo Chagas, César Pérez-Novoa & team
Total appearances: 7
Team debut: 2007
In its strongest showing since 2009, BTG Pactual captures the No. 3 spot on this roster, rising from runner-up. The five analysts co-captained by Rio de Janeiro–basedEdmo Chagasand newcomerCésar Pérez-Novoain Santiago also claim second place in Pulp & Paper. They have increased the frequency of their road shows and site tours, including periodic visits to mines to “monitor progress [and] see the social component affecting mines — labor, social conflicts,” says Pérez-Novoa, who also co-leads, with Alonso Aramburú, the top-ranked team in Chile coverage and the No. 2 team in tracking North Andean Countries. This group monitors 14 stocks and in September upgraded Peru’s Minsur from neutral to buy, crediting management’s seven-year diversification strategy. Shares of the copper and tin miner had leaped 39.2 percent, to 1.74 nuevo soles, by late July, against the sector’s 7 percent decline. “They have good ideas that other analysts overlook,” insists one portfolio manager, “and they back them up with solid due diligence.” Many clients will miss Chagas, who retired in May.