< The 2015 All-Europe Research Team

Total appearances: 13

Team debut: 2003

Inigo Fraser-Jenkins guides his Nomura International troupe up one rung to second place, matching the firm’s highest ranking on this roster since 2011. The 40-year-old captain also directs a squad that merits a runner-up spot on the Equity Strategy lineup. “Relevant, up-to-date and practical research” is how one fund manager characterizes the work of the eight-person quantitative research team, whose members are stationed in London and Mumbai. For the coming year, Fraser-Jenkins says, “the key issue at the market level is the interaction of the positive benefits of earnings growth offset against the risks of disinflation. We think that the interaction of these two forces will be what determines the direction of the market. Therefore, the news flow about earnings over the next one to two quarters will be critical.” The Nomura strategists are cautioning investors to mind the distinction between growth and income plays. With the macroeconomic environment and valuations supporting growth stocks, income shares are likely to suffer. More broadly, “we are in a low-return world, and the response to this will shape fund management strategies over the coming years,” Fraser-Jenkins advises. “For 2015 we make a case for a positive absolute return from European equities — but in a muted way, so we are neutral [on] Europe within a global context.”