For the third year in a row, JPMorgan leads the All-America Research Team, Institutional Investor’s annual roster of the best equity analysts on Wall Street. It’s the bank’s eighth first-place finish since taking the crown from Barclays in 2010.
Forty-six JPMorgan analysts and analyst teams earned first-team, second-team, third-team, or runner-up positions across the 60 sectors included in the 47th annual All-America Research Team survey, giving the bank a firm lead over competitor Bank of America Merrill Lynch, which came in second once again with 34 team positions.
A close race for third place was won by Morgan Stanley, which edged out last year’s bronze medalist Evercore ISI with 32 team positions. Evercore finished in fourth with 31 team positions.
Rounding out the top five is Citigroup, which jumped up two spots from seventh place in 2017.
The 2018 All-America Research Team was compiled based on the responses of some 3,900 investment professionals at 1,359 institutions managing an estimated $13 trillion in U.S. equities.
Respondents were asked to rank their favorite equity analysts across 60 investment sectors. These sectors were organized within seven broad categories: Basic Materials; Capital Goods/Industrials; Consumer; Energy; Financial Institutions; Health Care; Technology, Media & Telecommunications; and Economics & Strategy.
In addition to claiming first overall, JPMorgan also boasted the most first-team positions, with 16 of the bank’s analysts and analyst teams placing first in their given sectors. Fourth-place Evercore earned 11 first-team positions, the second highest of any firm.
To select the members of our 47th annual All-America Research Team, Institutional Investor solicited the opinions of directors of research and heads of investment at institutions with major securities holdings in the US. We received responses from some 3,900 investment professionals at 1,359 institutions managing an estimated $13 trillion in US equities.
Sectors are organized within broad categories: Basic Materials; Capital Goods/Industrials; Consumer; Energy; Financial Institutions; Health Care; Technology, Media & Telecommunications; and Economics & Strategy. All produced complete results (first place through third).
Rankings were determined strictly by using numerical scores. We took the number of votes awarded to each analyst and weighted the votes based on the size of the institution responding and the place it awarded to that analyst (first, second, third, or fourth). For research sectors in which team efforts are the norm — Equity-Linked Strategies, Master Limited Partnerships, Real Estate Investment Trusts, and Washington Research — we combined the votes for all the analysts covering a sector at each firm; in the commentary, however, we highlight the team leaders. Teams and individuals were designated runners-up when their scores fell within 35 percent of the third-teamers’ scores. Analysts must be certified pursuant to Regulation AC to be recognized as winners or team leaders in all Research sectors; no such restriction applies to the sectors in the Economics & Strategy category. Analysts who changed firms after June 8, 2018 are cited at their previous organizations. Voters are subject to eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group.
There were no changes to this year’s ballot. The 2018 All-America Research Team produced complete results (first-, second- and third-place teams) for the 53 industry sectors and seven macroeconomic categories polled. The ranking was compiled by Senior Editors Tucker Ewing and Denise Hoguet and Researchers Amy Kong, Denise Best and Xiao Lu.