Consumer – Tobacco: Third
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Consumer – Tobacco: Third

Adam Spielman & team


Falling from first place to third is the Citi trio under Adam Spielman, who works out of London. The team predicts that in the short term companies will enjoy a rise in earnings, but trouble is on the horizon, mainly in the form of tightening regulation — particularly the European Union’s Tobacco Products Directive, which seeks to regulate the use of menthol and other flavoring in cigarettes and require larger, more dramatic warning labels. The team’s top recommendations include U.K.-based British American Tobacco and Swedish Match, which is headquartered in Sweden. BAT has a strong presence in emerging markets, while Swedish Match has a diversified product line that includes matches, snuff and tobacco; these factors should help shield the companies from a decline in cigarette sales if the directive — which must be approved by the European Parliament — is implemented. “Adam really understands the industry,” declares one London-based portfolio adviser.

Katie Gilbert

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