< The 2014 All-Europe Research Team
J.P. Morgan Cazenove leads this lineup for a second year running under the stewardship of Mislav Matejka, 37. Working out of London and Mumbai, the quartet maintains a “good perspective on the big picture,” according to one money manager. Another lauds the researchers for their “thorough analysis and independent thinking.” The euro area recovery remains on track, the group believes, citing a favorable base effect thanks to depressed levels of private corporate and consumer demand, improving financial conditions and further easing of the fiscal drag brought on by recession-prompted austerity. As a result, “equity markets should move up further as the earnings downtrend ends,” Matejka advises. Against this backdrop, the team forecasts that the rotation out of growth stocks and into value stocks, which started in the middle of 2013, will persist. “Within this,” he notes, “financials is a sector which should benefit.” Overall, the strategists still favor developed markets over emerging markets because of the former’s better liquidity conditions and stronger delta in growth momentum. They estimate that developed markets will expand 1 percent faster this year than last, whereas emerging markets will experience a 0.1 percent improvement in growth rate. See also Mislav Matejka’s profile in the 2013 All-Europe Research Team. |
