SECOND TEAM

Toshiyuki Anegawa BofA Merrill Lynch Global Research

Toshiyuki Anegawa of BofA Merrill Lynch Global Research vaults from runner-up to second place. “He knows the assets better than any other analyst, and he knows what investors are looking for,” declares one portfolio manager. In May, Anegawa initiated coverage of BLife Investment Corp. of Tokyo with a buy rating, at ¥431,500, arguing that a management change and an “M&A effect” would benefit the share price; at the same time he reiterated his buy rating on Nippon Accommodations Fund, at ¥474,000, because of the Tokyo-based real estate investment trust’s ability to maintain a stable cash flow thanks to its large residential portfolio, among other factors. By the end of February, BLife shares were up 33.7 percent, to ¥577,000, and Nippon had surged 26.2 percent, to ¥598,000. During the same period the sector advanced just 7.7 percent.

Polling and tabulation of data as well as reporting on the sector profiles were completed before the March 11 Tohoku earthquake.