J.P. Morgan extends its winning streak on Institutional Investor’s All-America Fixed-Income Research Team to a seventh year. Its analysts claim places in 50 of the 58 sectors that produced publishable results. That’s an increase of one over last year’s total.
Bank of America Merrill Lynch holds steady in second place for a fifth year even though its team total falls by five, to 40. Wells Fargo Securities repeats at No. 3 despite its total jumping from 28 to 33. Rounding out the top five, with 25 spots apiece, are Barclays — its rank and total are unchanged from last year — and Goldman, Sachs & Co., which rises one rung after picking up five positions. Eleven firms appear this year, which marks the 25th anniversary of the survey. (Until 1992 fixed-income sectors had been included as part of the All-America Research Team.) Click on the Leaders link in the navigation table at right to view the full list.
Survey results reflect the opinions of nearly 1,900 portfolio managers and buy-side analysts at some 535 institutions that oversee an estimated $9.7 trillion in U.S. fixed-income assets.
A total of 174 individuals are cited on this year’s team, which is limited to the top-three analysts or squads in each sector, plus runners-up where applicable. The full report features more than 290 analysts representing 32 entities that met minimum-vote and other eligibility criteria. (Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group; for information, please contact Esther Weisz at 212-224-3307 or eweisz@iiresearchgroup.com.)
The sectors are grouped into three broad areas of coverage: Economics & Strategy, High Yield and Investment Grade. When the results of each category are viewed independently, J.P. Morgan reigns supreme in Economics & Strategy and High Yield, while Wells Fargo Securities is the undisputed champion in Investment Grade.
For a third year running Brian Ye leads or co-leads the highest number of winning teams. The J.P. Morgan strategist guides the crew in first place in Prepayments Strategy and co-directs those at No. 1 in Agency-Structured Products Strategy (with Nicholas Maciunas) and Residential Mortgage-Backed Securities Strategy/Agency (with Matthew Jozoff).
Five other crew captains oversee more than one top-ranked team:
- David Ader and Ian Lyngen of CRT Capital Group direct the crews that finish first in Technical Analysis and U.S. Rates Strategy, as well as a runner-up team in Fixed-Income Strategy.
- Eric Beinstein of J.P. Morgan manages the winning squads in Credit Derivatives (with Dominique Toublan) and Investment-Grade Strategy.
- Matthew Jozoff, also of J.P. Morgan, coaches the champions in Fixed-Income Strategy (with Alex Roever) and Residential Mortgage-Backed Securities Strategy/Agency (with Brian Ye).
- Alex Roever of J.P. Morgan helms the crews that rank highest in Fixed-Income Strategy (with Matthew Jozoff) and Short-Duration Strategy (with Teresa Ho), and he also directs the No. 3 team in U.S. Rates Strategy (with John [Jay] Barry).
- In individual-based sectors — that is, the High Yield and Investment Grade categories — Douglas Karson logs more victories than anyone else. The Bank of America Merrill Lynch analyst is No. 1 in Autos & Auto Parts (both HY and IG) and Manufacturing (IG). He also ranks third in Aerospace & Defense (IG).
Nine others finish in first place in more than one sector:
- Susan Berliner of J.P. Morgan is on top in Building (HY) and Gaming & Lodging (HY).
- Todd Duvick of Wells Fargo Securities is No. 1 in Consumer Products (IG) and Retailing (IG).
- Ana Goshko of Bank of America Merrill Lynch ranks highest in Technology (HY) and Telecommunications Services (HY).
- Brian Jacoby of Goldman, Sachs & Co. is the analyst of choice in Aerospace & Defense (IG) and Transportation (IG); he also ranks second in Autos & Auto Parts (IG) and third in Autos & Auto Parts (HY) and Manufacturing (IG).
- Peter Quinn of Bank of America Merrill Lynch lands in the winner’s circle for coverage of Electric Utilities (both HY and IG).
- Manish Somaiya of Citi is deemed the best at covering Manufacturing/General Industrials (HY) and Services (HY); he also ranks second in Autos & Auto Parts (HY).
- Roger Spitz of Bank of America Merrill Lynch is the favorite in Chemicals (HY) and in Paper & Packaging (HY).
- James Strecker of Wells Fargo Securities ranks highest in Banks (IG) and Nonbank Financials (IG).
- Scott Wipperman outperforms all others at covering Technology (IG) and Telecommunications Services (IG); the Goldman, Sachs & Co. researcher also ranks second in Media & Entertainment (IG).
The navigation table at right includes links that lead to tables showing firms ranked by total number of positions overall and by their totals in each category (Economics & Strategy, High Yield and Investment Grade). Each of these leaders tables includes a companion roster showing how the firms fare when their results are weighted, with a rating of 4 assigned to each first-place team, 3 to each second-place team, 2 to each third-place team and 1 to each runner-up team.
To view the top-ranked analysts and teams in each sector, click on the Best Analysts of the Year. Information about those that rank second, third and runner-up is available to subscribers only.
To learn more about how this ranking was compiled, click on Methodology.
To select the members of the 25th annual All-America Fixed-Income Research Team, Institutional Investor sent questionnaires to bond and credit specialists at leading asset management firms around the world. We received responses from nearly 1,900 portfolio managers and buy-side analysts at some 535 institutions that oversee an estimated $9.7 trillion in U.S. fixed-income assets.
In High-Yield and Investment-Grade sectors, respondents vote for individual analysts. In Economics & Strategy categories, they may vote for an individual or for a firm’s entire team; these votes are combined for firms in each sector.
A numerical score is produced for each qualifying entity by weighting each vote based on the fund manager’s U.S. fixed-income assets under management and on the rank awarded (first, second, third or fourth). Analysts or teams are designated runners-up when their scores fall within 35 percent of the third-teamer’s score.
Research directors indicate which analysts oversee coverage of a particular sector, and individuals cited as team leaders may not necessarily be the ones who received the most votes on behalf of that firm. Co-leaders, where applicable, are deemed to share equal responsibility for directing coverage, and their names are presented alphabetically. Analysts who switched firms after May 6, 2016, are cited at their previous organizations.
Analysts must be certified pursuant to Regulation AC to be recognized in the High-Yield and Investment-Grade research categories. No such restriction applies in Economics & Strategy sectors.
The names of those surveyed and the institutions they work for are kept confidential to ensure their continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.
We made a few changes to the ballot, adding Autos & Auto Parts (IG), Financials (HY) and Quantitative Analysis. In addition, U.S. Governments Strategy was renamed U.S. Rates Strategy.
We polled 20 High-Yield and 17 Investment-Grade research sectors, 35 of which field complete teams (first through third places). Real Estate Investment Trusts (IG) and Financials (HY) produced first and second teams only.
In Economics & Strategy we asked about 24 sectors. Distressed, Federal Agency Debt Strategies and Quantitative Analysis did not garner sufficient votes for publication.
The 2016 All-America Fixed-Income Research Team was compiled by Associate Research Editor Denise Hoguet, with the assistance of Researcher Xiao Liulu, under the direction of Senior Research Editor Tucker Ewing and Director of Research Thomas W. Johnson.