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The 2014 All-Europe Research Team: Food Producers, No. 1: Andrew Wood & team
Andrew Wood— “an encyclopedia on food companies,” according to one investor — leads the Sanford C. Bernstein foursome that headlines this roster for a fifth year running, and for the tenth time since the firm’s 2004 debut. He also directs the team that marks its fifth consecutive year on top in Household & Personal Care Products. Wood, who guides his London- and New York–based crew from Singapore, says that although he has been circumspect on this sector since the third quarter of 2011, he believes it finally has reached bottom. “I am becoming more positive on the group than I have been over the last two years,” he says. Although they gained 20.6 percent over that period, European food producers trailed the broad market by 11.4 percentage points. “I am expecting accelerating organic growth as both volumes, led by increased advertising and promotion, and pricing, led by emerging-markets currency devaluations, accelerate,” Wood explains. The 49-year-old adds that benign commodities prices will likely allow for healthy margin growth despite increased funding allocations to marketing. “They were cautious on the food group when most others were bullish,” remarks one London-based portfolio manager, “and that caution was eventually justified.” |
See also Andrew Wood's profile in the2013年整个欧洲研究小组Food Producers,2013年整个欧洲研究小组Household & Personal Care Products,2012 All-Europe Research Team - Food Producersand the2012 All-Europe Research Team - Household & Personal Care Products.