- Pan-European — Campeones
• Quality — We expect quality will continue to outperform over the medium-term due to growth and balance sheet advantages.
• World champions — We look for world leaders in Europe, where the domicile has impacted the rating. Antofagasta, Inditex, Nestle and Novo Nordisk feature.
- UK — Pension Problems Haven’t Gone Away
• Valuation & Accounting — We feature Sarah Deans’, our new Valuation and Accounting analyst, note on UK pensions in our UK note.
• Potential positives — Proposed changes to pension indexation may reduce liabilities significantly. Many companies have also reduced benefits.
Citigroup European Portfolio Strategist 20100729
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