The Finest Fixed-Income Analysts
The crisis in subprime mortgages, further turmoil throughout the credit markets and investors’ clamor for advice and information have created a rare and daunting set of challenges for fixed-income analysts. How did these pressures, which were mounting at the time of the polling for the Institutional Investor’s16th annual All-America Fixed-Income Research Team, affect the standings of the top analysts in the field? Here are the complete, final results.
See the list of firms that have established their superiority in the eyes of their clients on the Overall Winners Table , which is accompanied by a weighted ranking that assigns scores based on the team position achieved by individual analysts or firms. Go to the Weighted Leaders Table to see how the results shift when points are assigned based on team position .For the top individuals and teams in fixed-income research, go to Top Analysts. Within each of 59 industry sectors, winning analysts and firms are listed as first team, second team, third team and runner-up. (Analysts or firms were designated runners-up when their scores fell within 35 percent of the third-teamer’s score).
Institutional Investor selected the members of the 16th annual All-America Fixed-Income Research Team by surveying 1,425 money managers and buy-side analysts at more than 480 institutions managing an estimated $8.5 trillion in U.S. fixed-income assets. We received responses from more than 90 percent of the 100 biggest fixed-income investors on the II 300, our ranking of the biggest institutional investors in the U.S.
A numerical score was produced for individual analysts and teams by weighting each vote based on the fund manager’s U.S. fixed-income assets under management and on the rank that the respondent awarded to the individual or firm (first, second, third). Separate weightings were used for High-Yield and Emerging-Markets categories. Those scores were used to determine the respective rankings. Winners also had to meet a minimum vote count.
Several changes were made to this year’s ballot. Autos & Auto Parts was moved from Investment Grade to High Yield, and Manufacturing/Automotive Supplies was eliminated. Two new Client Service categories were added: Web-Based Analytical Tools and Weekly Credit Research Publications.
Partial teams were fielded for the following categories: Emerging-Markets Sovereigns & Economics, Federal Agency Debt Strategy, Municipals/Generalist, Municipals/Health Care, Quantitative Portfolio, Technical Analysis, High-Yield Transportation, and U.S. Governments Strategy. Five sectors did not field any team members: Currency/Foreign Exchange, Distressed, Emerging-Markets Corporate Credits, Emerging-Markets Local Markets and Emerging-Markets Strategy. Analysts or teams were designated runners-up when their scores fell within 35 percent of the third-teamer’s score. To meet this magazine’s production schedule, analysts who changed firms after June 30, 2007, are cited at their previous organizations.
In three groups of categories — Emerging Markets, Strategy & Economics and Structured Securities — investors voted for both individual analysts and firms. In these categories we combined individual and team votes to produce a tally for each firm; for each winning squad we recognize an individual designated as team leader by the firm. Analysts who cover sectors in the Investment-Grade, High-Yield and Municipals categories are ranked individually.
II’s ranking of the best U.S. sell-side fixed-income researchers was compiled by Associate Editor WeiQing Lu with the guidance of Director of Research Operations Group Sathya Rajavelu, Assistant Managing Editor Tom Johnson and Senior Editor Jane B. Kenney.