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Equita S.I.M.’s 12-­member ensemble guided by Matteo Ghilotti, 45, and Stefano Lustig, 44, spent last year in second place.

Matteo Ghilotti, Stefano Lustig & team Equita

second teamMarco Greco & team Mediobanca

Equita S.I.M.’s 12-­member ensemble guided by Matteo Ghilotti, 45, and Stefano Lustig, 44, spent last year in second place. This year the Milan-­based analysts reclaim the crown, thanks in part to being “an experienced crew with very good knowledge of companies in an often opaque market dominated by family-­controlled companies,” as one buy-side backer puts it. The group up­graded Cre­dito Emi­liano to buy in March, at €2.46, on the belief that the regional bank’s cost-­cutting initiatives would bolster its bottom line. The stock had soared to €5.39 by late December, an incredible 119.1 percent gain that bested Italy’s banks sector by 33 percentage points and its broad market by 62.6 points. Mediobanca’s 12-­person team piloted by Marco Greco leaps from runner-­up to second place. The researchers, who are based in Milan, “have an extremely good network — ­they’re totally plugged in — and their seasoned analysts have a good understanding of the big picture at the macro level,” says one fund man­ager. The team told clients in May that Banca Generali “had the capability to deliver brilliant results in the 2009 fiscal year,” and they upgraded the asset management firm from neutral to outperform. The stock vaulted 139.4 percent, from €3.55 to €8.50, and outpaced the broad market by a whopping 124.8 points, through December. No firm received enough votes to earn a third-place ranking.

To go back to the index page, click on the Best European Analysts of the Year: 2010 All-Europe Research Team.

To read the article, click on: Reversal of Fortunes: The 2010 All-Europe Research Team

Click here to access the complete rankings of the 2010 All-Europe Research Team

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