< The 2014 All-Europe Research Team

2014-03-tom-johnson-all-europe-research-team-mark-manduca.jpg

2014-03-tom-johnson-all-europe-research-team-joel-spungin.jpg
Mark Manduca, Joel Spungin
& team
Bank of America
Merrill Lynch
First-Place Appearances: 6

Total Appearances: 18

Team Debut: 1993

Repeating at No. 1 is Bank of America Merrill Lynch. From London, Mark Manduca, 30, and Joel Spungin, 35, direct coverage of 21 stocks. “They lead the debate,” one wealth manager in London asserts, “seeming to work 24-7, organizing true value-added company meetings and trips — and incidentally issuing fantastic, moneymaking calls.” The analysts’ tracking of Denmark-based diversified commercial fleet operator A.P. Moeller-Maersk is one example. In January 2013, noting that management was focusing on the company’s core — and most profitable — operations in drilling, oil, ports and shipping, they reinstated coverage with a buy rating. The shares traded narrowly for much of the first half of the year and then took off, closing December up 30.7 percent, at 57,550 Danish kroner. Going the other direction, in July the team downgraded Ireland’s Ryanair Holdings from buy to underperform, citing concerns about the company’s ability to expand yields given large aircraft orders. By early November the low-fare passenger airline’s stock had plunged 25.7 percent, to €5.33, then it switched course. Ryanair ended the year at €6.27, down 12.6 percent over the life of the call and behind the broad market by 34.2 percentage points. “Mark and Joel are passionate in their pursuit of smart investment ideas,” affirms another fan.

See also Mark Manduca and Joel Spungin's profile in the 2013 All-Europe Research Team and 2012 All-Europe Research Team.