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The 2014 All-Europe Research Team: Food Producers, No. 3: Charles Mills & team
Although the Credit Suisse squad slips back to the third spot after a year at No. 2, the analysts continue to garner acclaim for their insightful research, understanding of company dynamics and willingness to think beyond company guidance, as one London-based fund manager says. Guided solely by Charles Mills this year, the trio added three Swiss stocks to its roster in 2013 and now covers ten food companies from offices in London and Zurich. Mills says that the names in his group can accurately be termed expensive defensives, given that they are trading at high-teens multiples. Moreover, his team doesnt expect circumstances will improve for the sector any time soon. We think the competition levels are increasing, emerging-markets growth is slowing, and developed-world growth is unlikely to return for quite some time, he advises. The researchers recommend that clients avoid companies in commodities categories, or segments that appear to be commoditizing.
See also Charles Mills's profile in the 2013 All-Europe Research Team and 2012 All-Europe Research Team.