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The 2016 All-Europe Research Team: Retailing/Food, No. 2: Edouard Aubin & team

Edouard Aubin’s London-based Morgan Stanley squad repeats in second place

爱德华奥宾&团队
Morgan Stanley
First-place appearances: 5

Total appearances: 15

Team debut: 1989

Edouard Aubin’年代London-based Morgan Stanley squad repeats in second place, in part thanks to the researchers’ "focusing on what is important rather than on the enormous amount of detail and market data that is available in the sector — and is often irrelevant," in the words of one portfolio manager. Another backer hails their "strong industry knowledge." With 13 regional food retailers under their coverage, the 41-year-old team leader and his associates believe they have identified opportunities for investors looking to go long and for those wanting to short. In France, where the landscape is highly competitive and the industry is experiencing an ongoing price war, supermarket operator Casino Guichard-Perrachon has been out of their favor. They have been likewise bearish on embattled U.K. food retailer WM Morrison Supermarkets, which has suffered years of declining profits and share losses in a fragmented market. On the other hand, the group sees opportunities for Belgian discount retailer and wholesale food producer Etablissementen Franz Colruyt, which has been growing its market share and maintaining stable margins; as well as for Ocado Group, a U.K.-based online grocery retailer that is becoming increasingly mass market and is well positioned within the broader e-commerce industry.


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