Mariano Colmenar & team, Santander Investment Bolsa
The buy side says: “Their understanding of these markets is second to none.”
Leading the pack for a third year running — and for the sixth time in eight years — is the 30-member Santander Investment Bolsa troupe guided by Mariano Colmenar, 50. With analysts based in London and Madrid, the team follows 180 stocks; Colmenar expects that number to increase “moderately” this year. The outlook for Spain remains “challenging,” he says, with unemployment likely to stay high and real gross domestic product growth low. Ditto Portugal. The analysts prefer defensive sectors with predictable cash flows, low financial leverage and minimal funding needs. The stocks of Spanish power-grid operator Red Eléctrica de España, supermarket chain Distribuidora Internacional de Alimentación and bioengineering concern Viscofan “fit into this category,” Colmenar says. “We also like geographically diversified companies with alternative sources of revenue,” including such Spanish multinationals as Banco Bilbao Vizcaya Argentaria and infrastructure developer Ferrovial.