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Japan Research Providers

Ranking Overview Methodology

Nomura remains the undisputed leader in Japanese research.

Respondents to Institutional Investor’s All-Japan Research Team survey once again ranked Nomura as the top provider of Japanese equity research. No matter how the leaderboards were compiled – by ranking firms by teams or individual analysts, and by weighting respondent votes by assets under management or commissions – Nomura came out on top.

More than 1,195 portfolio managers and analysts across 459 firms responded to this year’s survey, representing about $900 billion in Japanese equities. Voters chose their favorite analysts and analyst teams in 29 industry sectors and 3 macro disciplines.

This year, cosmetics & personal care was added as a sector, while health & pharmaceuticals was split into two categories: biotechnology & pharmaceuticals and medical technology. The internet sector was also updated to include gaming.

To determine the members of Institutional Investor’s 26th annual All‐Japan Research Team, we sent questionnaires to portfolio managers and analysts at institutions with major securities holdings in Japan. We received responses from more than 1,195 individuals at 459 firms that collectively manage an estimated $900 Billion in Japanese equities. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.

The main Leader’s Table is based on each firm’s team ranking: Participants are still asked to vote for individual analysts and strategists, but these votes are then combined to form a firm’s team within each sector. A numerical score is produced by weighting each vote by both the respondent’s applicable Japan equity assets under management and the place they awarded the brokerage firm (first, second, third or fourth). Ranks are determined using these scores. Teams are designated runners‐up when their scores come within 35 percent of the third team’s scores. Winners must achieve a minimum vote count.

The winning team is represented by either the individual(s) designated as team leader by the firm or by the firm name. Co-team leaders are listed alphabetically by last name. Analysts or economist/strategists who switched firms after December 7, 2018 are cited at their previous organizations.

The other individual-based Leader’s Table is produced to highlight the top analysts, using each individual’s score. In addition, we have introduced new leader tables for both the team and individual-based rankings produced by weighting with commission ranges instead of a firm’s equity assets under management.

The following sector changes appear in this year’s ranking: Internet is now Gaming & Internet; Health & Pharmaceuticals is split into two sectors, Biotechnology & Pharmaceuticals and Medical Technology; and we added Cosmetics & Personal Care.

The 2019 All-Japan Research Team survey produced complete results (first-, second- and third place teams) for the 29 industry sectors and 3 macro disciplines on this year’s ballot. These results were compiled by Senior Project Manager Tucker Ewing, along with Associates Xiao Lu and Atsuko Ogino.

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