< The 2016 All-Asia Research Team

Total appearances: 13

Team debut: 2000

At No. 3 is Bank of America Merrill Lynch, whose Asia ex-Japan basic materials research is directed by Stuart Duncan Simmonds and Yanlin (Matty) Zhao. Each of these analysts debuted on this roster last year. Hong Kong–based Zhao guided Macquarie Capital Securities’ team to third place — then jumped to BofA Merrill in September. Simmonds, who works out of Sydney, co-led this squad to runner-up. Before joining the firm in March 2010, he worked as a global equities portfolio manager at Ellerston Capital and as co-head of Australian small-caps research at Deutsche Bank. Reporting on 100 companies, the researchers win praise from one money manager for their availability and for “consistently delivering profitable recommendations for investors.” In particular, another advocate says, they “correctly identified the trend for commodities, provide excellent service — company management calls, management access — and have the most complete data pack available for buy-side funds.” The analysts advise circumspection on the sector as a whole, citing potential risks in the property industry, a key demand component for commodities, and the pace of government supply-side reform — whether debt and employment issues can be resolved smoothly. They see opportunity, however, in gold equities in Australia, as well as cement and paper companies in China and Hong Kong.