Countries: North Andean Countries – First
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Countries: North Andean Countries – First

BTG Pactual, which spent the past two years in second place, climbs to first.

Alonso Aramburú, César Pérez-Novoa & team BTG Pactual


The buy side says: “They’ve uncovered some very good investment ideas for us.”


B TG Pactual, which spent the past two years in second place, climbs to first. The six-member squad is co-led by Alonso Aramburú, who works out of New York, and Santiago-based newcomer César Pérez-Novoa; they also co-head the team ranked third for coverage of Chile, and Aramburú pilots a team ranked runner-up for coverage of Argentina. The crew covers 24 stocks in North Andean Countries — 15 in Colombia and nine in Peru. “They do research not just on big companies, but also midcaps and even smaller companies that hardly anyone else pays attention to,” says one satisfied client. “We have a positive view on the North Andean markets and expect them to continue outperforming Latin America,” says Aramburú, 40. “We are recommending investors overweight both Colombia and Peru.” Stock picks include Credicorp, a Lima-based financial services company, thanks to its “leadership position in the Peruvian banking sector, high levels of profitability and targeted growth in consumer lending,” he says. Another favorite: Colombia’s Pacific Rubiales, an oil and gas exploration and production outfit, on the belief that the stock is undervalued given the company’s “cash flow and earnings power,” he says. Pérez-Novoa, 40, joined BTG Pactual through its merger earlier this year with Celfin Capital, where he headed Chilean equity research since 2002. He holds a bachelor of science degree in finance from Boston College and a diploma in financial risk management from New York University. — Paul Sweeney


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