< The 2016 All-Asia Research Team

Total Appearances: 11

Team Debut: 2001

Jasmine Lu guides her Taiwan equity research crew to its third consecutive top finish. She and ten Morgan Stanley colleagues in Taipei follow 100 domestic companies, impressing investors with “great industry connections, rigorous channel checks and proactive recommendations,” in the words of one backer. They also win client praise for maintaining a cautious stance over the past year. “Since the beginning of 2015, we have been less optimistic than the Street has, given our fundamental concerns about [a tapering off in] China demand and the slowdown in the technology sector,” says Lu, 42. That has proved wise: Last year the Taiwan Stock Exchange Weighted Index, or TAIEX, fell 10.4 percent and lagged the regional market by 3.5 percentage points. Now, however, the analysts are a bit more optimistic. The benchmark gained 2.4 percent year to date through late April, while regional shares overall were nearly flat. “We see value emerging as quality Taiwanese companies remain competitive in the long term,” she explains, “and TAIEX valuation is not demanding.” Clearly, clients are listening. “The stability and depth of the Morgan Stanley team helps global investors understand with confidence what goes on, on the island,” insists another fund manager. As she did in 2015, Lu also leads the firm’s regional Technology/Hardware team to first place this year.