High-Grade Autos
1 Michael Gray & Angeli Mulchand UBS Warburg
What autos call made or saved your clients the most money over the past 12 months?
Probably Fiat. It is a difficult credit to follow given its complexity and the current difficulties facing the company. However, it is also the type of credit that investors can make money on – if they follow it closely, and have a clear relative value opinion. We were lucky to be right, both on the initial buy recommendation last year, and later on the downgrade to reduce, as we saw relative valuations
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