| Described as the “industry guru” by one supporter, Paul Cheng of Barclays rises from runner-up to third place. Cheng is bullish on independent refiners — including Tesoro Corp. and Valero Energy Corp. of San Antonio, Texas; Marathon Petroleum Corp. of Findlay, Ohio, and Houston’s Phillips 66 — because of his belief that “the U.S. refining industry has been undergoing a major, three-phase, multiyear structural improvement” that signals “the return of a new golden age, despite continuing global darkness.” He forecasts an upward revaluation of the group over the next one to two years that could “significantly alter the market’s historical perception of refiners as a ‘pure trading group’ and drastically increase the attractiveness among long-only investors.” One portfolio manager applauds Cheng for his “unique perspective on company fundamentals that, combined with industry insights, makes his calls very valuable. Paul is also cognizant of the macroeconomic and capital market conditions, and incorporates those views in his timely recommendations.” RUNNER(S)-UP Joseph Evan Calio Douglas Leggate |
