David Raso

David Raso Citi SECOND TEAM Ann Duignan JPMorgan THIRD TEAM II Communities on Infrastructure Sponsored by IFM Investors May 16, 2025 Barry Bannister Stifel Nicolaus

In a volatile sector — the MSCI machinery index surged 31.8 percent in 2007 then dropped 18.5 percent this year as of mid-­September — there is one constant: ­Citi’s ­David ­Raso, who leads the sector for an eighth consecutive year. ­Raso, 38, earns accolades for his contrarian stand on Oshkosh Corp. He initi­ated coverage in January with a sell rating, at $45.72, on weakness in the Wisconsin-­based forklift manufacturer’s international business. By mid-­September the share price had skidded 70.6 percent, to $13.42. “David ­doesn’t miss a thing,” marvels one investor. Ann Duignan, who joined ­JPMorgan Securities in June, when it absorbed Bear, Stearns & Co., repeats in second place. Hailed for what one client calls her “agricultural insights,” Duignan is credited with standing firm in her support of Deere & Co., first recommended way back in ­July 2005 on optimism about crop prices. In the 12 months ­ended mid-­September, shares of the Moline, ­Illinois–based farm equipment manufacturer outperformed the sector by 6.1 percentage points. “She spots trends ­early,” proclaims one backer. Barry Bannister rises from runner­-up to third. The Stifel, Nicolaus & Co. analyst recommended Bucyrus International, a mining equipment manufacturer headquartered in South Milwaukee, Wisconsin, in July 2006 and has high­lighted the call repeatedly since, on surging worldwide demand. The stock skyrocketed 52.9 percent in the 12 months ­ended mid-­September. “He has great stock-­picking skills,” cheers one grateful ­investor.

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