2015 All-Latin America Research Team: Capital Goods, No. 2: Renato Mimica & team
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2015 All-Latin America Research Team: Capital Goods, No. 2: Renato Mimica & team


< The 2015 Latin America Research Team

Renato Mimica & teamBTG PactualFirst-place appearances: 4

Total appearances: 8

Team debut: 2007Slipping to second place is BTG Pactual’s twosome overseen 30-year-old by Renato Mimica, who also directs a team that earns a runner-up position on the Transportation lineup. “Renato’s presentations are thorough and comprehensive,” insists one fund manager. The São Paulo–based researchers monitor seven regional capital goods companies, one more than a year ago. In reporting last July that vehicle inventories were high and production was declining, they highlighted their neutral stance on Brazil’s Marcopolo, which manufactures buses, truck bodies and spare parts for the auto industry. Its shares have since tailed off significantly, declining 42.7 percent by the middle of last month, to 2.39 reais, against the regional sector’s gain of 5.5 percent. Despite headwinds for the industry, however, Mimica and his cohorts continue to urge clients to buy longtime favorite Tupy, encouraged by the Brazilian auto-parts supplier’s strong exports to the U.S., rising free cash flow and high return on invested capital. As recently as May, with the stock down 2.6 percent for the year to date, at 17.38 reais — in line with its regional peers’ performance — they restated their position and price objective of 24 reais. Two months later Tupy was trading at 17.05 reais.

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