< The 2014 All-Europe Research Team

Bruno Silva & team
Banco Português de Investimento
First-place appearances: 0

Total appearances: 4

Team debut: 2011

Working out of dual headquarters in Madrid and Porto, Portugal, Bruno Silva and his 13 analysts at Banco Português de Investimento slip back to third place after a year at No. 2. The squad, however, commands deep loyalty among clients for providing “great access to Iberian companies” and being “always available to meet face-to-face and hash out ideas,” as one German money manager attests. “Because of those discussions,” the investor adds, “I’ve been able to find good investments that have worked even under harsh economic conditions.” Of the 94 stocks in their sector portfolio, a reduction of ten over the past year, the researchers currently favor Madrid-based Acciona, a civil engineering and energy concern whose focus is on sustainable development. Recent unpopularity of Spanish renewables has driven down the stock price, making it “a clear underperformer versus its infrastructure and renewable energy peers,” according to Silva. His group sees a 36.7 percent upside to the shares’ €41.77 value at the end of December. Furthermore, Acciona should benefit from a “relief rally,” he adds, when Spanish authorities issue energy regulations this year, and its bottom line should see gains from recent cost savings that include dividend cuts and asset disposals.

See also Bruno Silva's profile in the 2013 All-Europe Research Team and 2012 All-Europe Research Team.