The 2015 All-Europe Research Team: Small- & Midcapitalization Stocks, No. 1: Eduardo Lecubarri & team
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The 2015 All-Europe Research Team: Small- & Midcapitalization Stocks, No. 1: Eduardo Lecubarri & team

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For a second year in a row, J.P. Morgan Cazenove’s group under the direction of Eduardo Lecubarri leads this lineup.

< The 2015 All-Europe Research Team

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Eduardo Lecubarri & team

J.P. Morgan Cazenove

First-Place Appearances: 3


Total Appearances: 7


Team Debut: 2009


For a second year in a row, J.P. Morgan Cazenove’s group under the direction of Eduardo Lecubarri leads this lineup. Working out of London, the researchers employ “a one-of-a-kind approach that takes into account fundamental and quantitative-tactical factors when analyzing their coverage universe,” observes one buy-side supporter. They are encouraged by the example of the U.S. Federal Reserve, which “feels confident enough about the economic recovery that it is willing to risk it all by stopping quantitative easing and talking about rate hikes,” says Lecubarri. The Fed’s action “boosts our conviction that, indeed, there is a way out of this developed-markets crisis” in Europe. To that end, he and his associates favor regional small- and midcap stocks that “are cheap today, as economic growth will remain anemic; have sound balance sheets, so they can focus on delivering shareholder returns; and have operational upside, with some beta exposure if possible,” reports the team leader. He and his colleagues prefer the asset management, auto parts, media and staffing sectors, and their respective favorites in those industries are Henderson Group and Jupiter Fund Management, both of the U.K.; France’s Faurecia and Italy’s Pirelli & C.; Mediaset of Italy and Metropole Television of France; and Netherlands-based Randstad Holding. The analysts are “first-class stock pickers,” attests another loyalist, who adds: “J.P. Morgan should give them money to manage.”



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