François Meunier & team, Morgan Stanley

Third-place Morgan Stanley appears in the lineup for the first time since 2004, this time under the leadership of newcomer François Meunier. The team consists of three London-based analysts whose “knowledge of the companies — the whole supply chain — is truly impressive,” cheers one buy-side backer. The researchers turned generally negative on the sector in May, and “we remain cautious on the outlook for first-quarter 2012, as the impact of deleveraging could make this down cycle potentially longer,” Meunier says. However, they are bullish on companies with structural growth stories, such as Arm Holdings and Imagination Technologies Group, both of which are headquartered in the U.K., and the Netherlands’ ASML Holding.