Mark McVicar & team, Nomura International

Mark McVicar and his four-strong squad at Nomura International in London return to the third team after a year in second place. The researchers are noted for “an insightful perspective on the infrastructure sector,” according to one grateful client. They reduced southern European toll road operator Brisa – Auto-estradas de Portugal from buy to neutral in May, at €4.47, largely because of the growing shadow of the European credit crisis. In September, after the stock had fallen 46.3 percent, to €2.40, they lowered it further, to sell. The share price slid to €2.21 in late November before starting to rise; it ended the year at €2.55.