经过两年的亚军，Michael Shillaker.’s Credit Suisse squad leaps to recapture the second-place position it most recently held in 2010. The five researchers cover 30 companies from a base in London, and one name they have focused on over the past year is Antofagasta, a U.K.-based owner and operator of copper mines. Last January they deemed the shares overvalued, particularly given the company’s expensive projects in Chile, and downgraded Antofagasta from neutral to underperform. Through early December the stock plunged 39.4 percent, to 761.50 pence, lagging the sector by 22 percentage points and prompting the analysts to upgrade it to neutral. By the end of that month, it had regained 8.2 percent, against the sector’s 2.2 percent rise. “They are straight shooters,” reports one asset manager, “invariably telling things as they are.” Given increasing metals prices, the analysts have also been highlighting their outperform rating on Glencore Xstrata — the world’s largest zinc miner and thermal coal exporter, formed in May by the merger of England’s Glencore International with Switzerland’s Xstrata. From an August reiteration through year’s end, the London Stock Exchange–listed shares climbed 6.9 percent, to 312.70p, while the sector was flat. Looking ahead, the crew favors Luxembourg-based ArcelorMittal and British-Australian Rio Tinto, owing to rising demand. |
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