Consumer – Tobacco: Second
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Consumer – Tobacco: Second

Jonathan Fell & team

Deutsche Bank

Jonathan Fell oversees the Deutsche Bank team that leaps from runner-up to second place; he also co-leads (with James Isenwater) the No. 3 crew in Beverages. “This is a sector that is very often underestimated by the market but which I think can continue to provide attractive returns for years to come,” Fell says. He especially likes Imperial Tobacco Group, explaining that he believes the U.K.-based cigar and cigarette manufacturer and distributor “is on the path to generating more sustainable topline growth and looks undervalued relative to its peers.” One portfolio manager in Germany says he appreciates Fell’s “helpful global network and global view.” — Katie Gilbert

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