Economics & Strategy – Turkey Equity Strategy: Third

Unranked last year, Credit Suisse returns to the roster in third place. Alexander Redman guides the crew; the London-based analyst also oversees teams that capture the No. 2 spot in Emerging-Europe Equity Strategy and a runner-up position in CEEMEA Equity Strategy. In March the squad broke with the consensus and turned cautious on Turkey, primarily on concerns that rising inflation would spur the central bank to raise interest rates. Consumer prices climbed at an annualized rate of 6.5 percent in May, up from 6.1 percent one month earlier, and the strategists believe the rate could reach 9 percent later this year. Even so, the researchers expect some stocks to thrive, and they have maintained outperform ratings on automaker Tofas Türk Otomobil Fabrikası, supermarket operator Migros Ticaret and petrochemicals producer Tupras–Türkiye Petrol Rafinerileri. The team “has made major thematic calls that have proven very beneficial,” affirms one buy-side loyalist. — Paul Sweeney