What autos call made or saved your clients the most money over the past 12 months?
We moved from neutral to overweight in euro autos in early February – since then the sector has outperformed the market by about 22bp. Our two best picks for the past year – DCX and PSA – have outperformed the market over the past 12 months by 32bp and 46bp respectively. Our main cautionary name, Fiat, has underperformed the market by 71bp over the same period. Even as spreads have come in significantly