François Trahan

Wolfe Trahan & Co.

Rising from third place to second is François Trahan, who left ISI Group to team up with Edward Wolfe (No. 2, Airfreight & Surface Transportation) in February; the firm formerly known as Wolfe Research is now Wolfe Trahan & Co. Trahan, who also tops the ranking in Portfolio Strategy, focused on earnings quality in April as a defensive stock screen in a declining market. One stock that passed muster: Hershey Co. By late August shares of the Pennsylvania-based candy maker had sweetened 9.4 percent, from $42.48 to $46.47, and bested the broad market by a very tasty 20.3 percentage points. “Even when François is wrong — which is rare — his insights are fascinating,” marvels one backer.