THIRD TEAM
Frederick Lucas & team J.P. Morgan Cazenove
The four-member J.P. Morgan Cazenove crew steered by newcomer Frederick Lucas debuts in third place. Praised by one fund manager for their “willingness to challenge the consensus,” the researchers upgraded Spain’s Repsol YPF from neutral to overweight in March, at €16.23, largely on refinery improvements at the company’s facilities in Latin America. By the end of the year, the stock had bubbled up 28.5 percent, to €20.85, compared with a sector gain of just 3.4 percent.