Countries: Iberia – Third

Bruno Silva & team, Banco Português de Investimento

Down one notch to third place is the 16-member squad at Banco Português de Investimento, this year under the sole direction of Oporto-based Bruno Silva, following the departure of Eduardo Coelho. The analysts keep their eyes on 105 Iberian stocks and “have a good handle on companies and sector analysis, as well as a good overall view,” asserts one backer. The researchers are relatively upbeat despite investor fears that Portugal (among other countries) might default. “We believe it is reasonable to assume that there will be some stabilization of the debt crisis toward the second half of 2012,” Silva says. The team is favoring stocks “with lower exposure to Iberia, strong balance sheets with limited refinancing needs and a strong competitive position in their sector,” he adds. Recommendations include Construcciones y Auxiliar de Ferrocarriles, a train manufacturer headquartered in Beasain, Spain, that is enjoying strong demand from Asia and Latin America; and Lisbon, Portugal’s Galp Energia, a diversified energy company with operations in Brazil and Mozambique.