Cemig is a strong electric power utility that really is managed like a private equity firm.

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Eventually these stocks will recover and big names like Cemig and CPFL Energia (CPL) stand to gain.

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Meanwhile, utility majors like Cemig ( CIG) are down more than 50% from their 52 week high.

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Cemig ( CIG), a favorite of fund managers holding dividend paying international utilities, is down 16.09 percent in the last six months.

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Brasil Foods ( BRFS) is actually one of best performers, up 4.6 percent over the last 12 months, while defensive utility Cemig ( CIG) is down 32.65 percent.

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Utility company Cemig, a defensive stock, is down 14 percent.

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Most of the names are the same as last week, with Brazilian utility Cemig (CIG) no longer a buy and Indian bank ICICI (IBN) on the list for the first time in more than a quarter.

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And yet they too, are starting to get accustomed to him: several investment banks have told clients not to sell shares in Cemig, since they reckon the governor will lose his battle against the American companies.

ECONOMIST: Brazil

Cemig has been the biggest loser.

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