< The 2014 All-Europe Research Team

Heath Jansen & team
Citi
First-place appearances: 4

Total appearances: 15

Team debut: 1986

Heath Jansen guides his London-based Citi analysts back up to third place after a year at runner-up. “I like their long-range perspective,” reports one asset manager, “which led recently to caution on small-cap base and precious metals — which was the right call.” In February 2013, anticipating a downturn in gold and silver prices, the team of four downgraded U.K.-based gold and iron-ore explorer Petropavlovsk from buy to neutral and reduced Channel Islands–based gold miner Randgold Resources from neutral to sell. By year’s end the shares had plummeted 77.3 percent, to 72.75 pence, and 34.7 percent, to 3,790p, respectively. Over the same period the sector fell 17.1 percent. The researchers track 41 companies, and looking ahead, they anticipate commodities price gains in the second half of this year, along with “improving free-cash-flow yields and improving balance sheets, driven by reduced capital spend[ing] and cost-cutting,” says Jansen. Their top pick is British-Australian Rio Tinto, among the world’s largest mining companies, whose operations span 40 countries across six continents.

See also Heath Jansen's profile in the 2012 All-Europe Research Team.