< The 2014 All-Europe Research Team

Jaime Vazquez & team
J.P. Morgan Cazenove
First-place appearances: 3

Total appearances: 8

Team debut: 2000

J.P. Morgan Cazenove hasn’t appeared on this lineup since it topped the list in 2010, the year then–team leader Jaime Vazquez decamped for Santander Investment Bolsa. Vazquez earned Santander a runner-up spot last year then jumped back to J.P. Morgan, whose duo he guides to No. 2 this year. The analysts are headquartered in Madrid and report on 16 names. They “always provide us with very insightful ideas, generally well ahead of market thoughts,” one portfolio manager reports, “and are quite contrarian, which is always helpful.” Vazquez and his colleague are advising clients to avoid the U.K.-based stocks in his sector. These retailers “do not operate cost-competitive formats,” explains Vazquez. One name they do, however, recommend is French hypermarket and supermarket chain operator Carrefour, citing a contrast in its better execution in sales and gross margins.