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Economics & Strategy – High Yield Strategy: Third

Debuting at No. 3 is Alberto Gallo’s seven-member Royal Bank of Scotland squad, which also ranks second in Investment-Grade Strategy.

Alberto Gallo & team
Royal Bank of Scotland

Debuting at No. 3 is Alberto Gallo’s seven-member Royal Bank of Scotland squad, which also ranks second in Investment-Grade Strategy. “Alberto is a thoughtful, diligent and detail-oriented strategist who is not afraid to go against the grain,” declares one fund manager in Germany. Case in point: In October, when Moody’s Investors Service reiterated its rating on Spain’s sovereign debt — Baa3, or one level above junk status — the London-based strategists recommended a basket of regional Spanish bonds, including 2 percent 2016 notes from Navarra and the Canary Islands, for their relative yield and creditworthiness. By mid-January the basket had appreciated by 13 percent and outpaced the iBoxx BBB bond index by 10.5 percentage points. The Canary Islands notes appreciated 18.5 percent, Gallo reports. — Ben Mattlin


Runners-up

Sherif Hamid, Neil Seyffert & team Barclays
Barnaby Martin & team Bank of America Merrill Lynch


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