Economics & Strategy – Southern/Sub-Saharan Africa Equity Strategy: Third

The nine-person squad at Citi advances from runner-up to third place. Captained solely this year by Richard Schellbach, who is headquartered in Sydney, the strategists follow 51 companies and win praise for their attention to trends in sub-Saharan markets. Case in point: Their strong backing of Tiger Brands, a South Africa–based packaged foods manufacturer that has operations in Cameroon, Kenya, Nigeria and Zimbabwe. “Growth ambitions in non–South Africa — around 30 percent of revenues — have created a platform for future growth,” Schellbach reports. Tiger is “a well-run company and a true defensive consumer play,” he adds. The shares were trading at 309.36 rand in late May; the team has a target price of 340 rand. “They got the story that African consumers in Nigeria are now able to afford consumer goods — they really pounded the table on it,” marvels one appreciative investor. — Paul Sweeney