John Rex |
First TeamJohn Rex Bear Stearns Second Team Joshua Raskin, Lehman Third Team Charles Boorady, Citi |
Possessing what one investor calls “the best industry knowledge base,” John Rex of Bear Stearns finishes in first place for a fourth consecutive year. Rex, 45, impresses clients with his monthly “Stat Check” report, which he compiles after digging through statutory filings to uncover state-by-state and product-by-product information about the operations of both public and private insurance companies. Rex also makes his share of astute stock calls, such as his June downgrade to neutral of Coventry Health Care, on valuation. Shares of the Bethesda, Maryland–based provider of managed care services were down 1.2 percent through mid-September, while the sector gained 5.6 percent. Joshua Raskin at Lehman Brothers, who returns in second for a third consecutive year, “does a great job of giving you the big picture,” says one supporter. After weighing relatively full valuations against the risk that plan providers could suffer in the short term if Congress scales back private-benefit Medicare Advantage Plans, he downgraded the entire managed care group to neutral in January. “It was a compelling strategic proposition,” says one investor, even if it turned out to be misguided: Year-to-date through mid-September the sector was up 20.5 percent. At No. 3 for a third straight year, Citi’s Charles Boorady is “very level-headed in a group that can have vicious whipsaws,” observes one buy-sider. Boorady has boosted his managed care portfolio by adding medical distribution names to his list, including Franklin Lakes, New Jersey–based pharmacy benefits manager MedcoHealth Solutions, which by mid-September was up 63.1 percent for the year. |
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Health Care: Managed Care