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High Yield – Manufacturing/General Industrials: Third

Patrick Kersting, Teofilo Lasarte & team
Bank of America Merrill Lynch

Bank of America Merrill Lynch repeats in third place. This year the five-member crew is conducted by Patrick Kersting and newcomer Teofilo Lasarte. The London-based team, which tracks 32 companies, “has really come together in the past year,” observes one U.K.-based money manager. In March the analysts launched coverage on Schaeffler’s 7.75 percent 2017 senior notes with an overweight rating, at €105.275, making the case that the German auto-components manufacturer had been unfairly beaten up because of the debt it incurred through its 2008 purchase of rival Continental. By mid-January the bonds had rallied to €107, besting the firm’s proprietary high-yield index by 32 basis points. Kersting also leads this year’s No. 2 team in Investment-Grade Basic Materials and co-directs (with Davide Chiesa) the third-place squad in High-Yield Basic Materials. — Ben Mattlin — Ben Mattlin


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