THIRD TEAM

Peter Welford & team Jefferies International

The Jefferies International quartet conducted by Peter Welford repeats in third place. “He’s never been sparing with a short, which obviously endears him to us,” says one hedge fund client. The team reduced Belgium’s UCB to underperform in March, at €30.48, on the belief that consensus earnings estimates were too high. The stock had tumbled 15.8 percent by late December, to €25.67, compared with a sector gain of 0.9 percent.