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Countries: France – Third

Gaëtan Toulemonde guides his Deutsche Bank squad of 33 from runner-up to third place.

Gaëtan Toulemonde & team, Deutsche Bank

Gaëtan Toulemonde guides his Deutsche Bank squad of 33 from runner-up to third place. Based in Paris, the team follows 77 French companies, a number likely to grow “slightly” this year, reports Toulemonde, who also captains the No. 3 crew in Autos & Auto Parts. The analysts are negative on companies with partial-ownership arrangements with the French government that could “suffer from further tax schemes,” he notes, citing as examples France Telecom and utilities including Electricité de France, GDF Suez and Veolia Environnement, all of which are headquartered in Paris. French luxury goods makers are among the few stocks earning a thumbs-up. “They’re not exposed to euro zone drama,” Toulemonde says, and therefore constitute a “safe haven.” Favorites include such Paris-based enterprises as Hermès International, LVMH Moët Hennessy Louis Vuitton and PPR. The Deutsche team’s “approach is much more pan-European, which gives you a much more full-bodied picture — a gestalt, if you will — rather than just the local view,” says one pleased investor.

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