Robert Edwards Renaissance
second team Sergey Donskoy Troika
third team Michael Kavanagh UralSib
Robert Edwards of Renaissance Capital relocated from Moscow to London last September, but he hasn’t moved from the No. 1 spot, which he captures for a sixth consecutive year. In January, when the American depositary receipts of coal and steel producer Mechel sank to $2.57, many analysts predicted that the company would declare bankruptcy; Edwards, 42, dubbed the stock a bargain and said it was poised for a rebound, owing to surging construction demand in the Middle East and a contract to supply steel for high-speed rails in China. By the end of April, Mechel’s ADRs had skyrocketed to $5.32, a 107 percent gain that bested the sector by 34.2 percentage points. "Rob understands where his companies fit in to the global-resource equation," asserts one buy-side admirer. Up one notch to second place is Sergey Donskoy of Troika Dialog, whose "opinions don’t depend on the consensus view," according to one investor. Donskoy downgraded the global depositary receipts of Chelyabinsk Zinc Plant to sell last June, at $8.63, largely on falling zinc prices. The GDRs plunged 83.8 percent, to $1.40, through April. Newcomer Michael Kavanagh of UralSib Financial Corp., described by clients as "properly critical" and someone who "doesn’t accept the official company line," debuts in third place. Citing rising demand, Kavanagh told clients to buy the GDRs of Magnitogorsk Iron & Steel Works in December. Through April the steelmaker’s GDRs gained 44.8 percent.
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