Paul Roger & team, Exane BNP Paribas
After three consecutive years at the top of the roster, the London-based Exane BNP Paribas trio slips to the second tier. Now piloted by new team leader Paul Roger, the squad is applauded for turning cautious on the cement subsector, especially on Holcim, which the analysts downgraded from neutral to underperform in June, at Sf62.35, largely on soft demand. In November, when the Swiss building-materials provider’s stock had fallen 19.5 percent, to Sf50.20, they raised it to outperform on improved earnings momentum and rising cement prices in Russia, a key market. By the end of the following month, the stock was little changed, at Sf50.25, while the broad market had inched up 3.3 percent.