Western European Countries – Iberia: Second
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Western European Countries – Iberia: Second

Bruno Silva & team

Banco Português de Investimento

Up one rung to second place is Bruno Silva’s 14-member crew at Banco Português de Investimento. The Oporto, Portugal–based analysts follow 104 companies across Iberia, and “the best work they’ve done has been to help distinguish between Portugal’s proactive implementation of reforms and Spain’s political hesitance,” marvels one portfolio manager. “Their analysis went much deeper than anything in the press coverage and shows how well connected they are.” Acerinox, a manufacturer of stainless steel, is among the team’s top picks for the year. Trading at €8.35 in late December, the shares should rise to €11.10 thanks to the Madrid-based company’s geographic diversification, which includes a leading position in the U.S. market; new capacity in Malaysia; and, despite weak market conditions in Europe, opportunities for consolidation, Silva says. — Paul Sweeney


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