The 2016 All-America Fixed-Income Research Team survey covers reporting on high-yield and investment-grade instruments and includes both individual- and team-based approaches. Here are some highlights from this year’s results.
Most popular analysts (as measured by number of votes cast):
• Harry Mateer of Barclays, Energy (IG), first place
• Bryan Hunt of Wells Fargo Securities, Food & Beverages (HY), first place
• Gary Stromberg of Barclays, Energy (HY), first place
• James Spicer of Wells Fargo Securities, Energy (HY), second place
• Todd Duvick of Wells Fargo Securities, Consumer Products (IG)
Most popular individual-based sectors (as measured by number of voters*):
• Energy (HY) (winner: Gary Stromberg, Barclays)
• Energy (IG) (Harry Mateer, Barclays)
• Health Care (HY) (Larry Bland, Bank of America Merrill Lynch)
• Retailing (HY) (William Reuter, Bank of America Merrill Lynch)
• Cable & Satellite (HY) (Jason Kim, Goldman, Sachs & Co.)
Most popular individual-based sectors (as measured by number of votes*):
• Energy (HY) (winner: Gary Stromberg, Barclays)
• Retailing (HY) (William Reuter, Bank of America Merrill Lynch)
• Health Care (HY) (Larry Bland, Bank of America Merrill Lynch)
• Cable & Satellite (HY) (Jason Kim, Goldman, Sachs & Co.)
• Telecommunications Services (HY) (Ana Goshko, Bank of America Merrill Lynch)
Most popular crews (as measured by number of votes cast):
• Matthew Jozoff, Brian Ye & team of J.P. Morgan, Residential Mortgage-Backed Securities Strategy/Agency
• Alan Todd & team of Bank of America Merrill Lynch, Commercial Mortgage-Backed Securities Strategy
• Matthew Jozoff, Alex Roever & team of J.P. Morgan, Fixed-Income Strategy
• Peter Acciavatti & team of J.P. Morgan, High-Yield Strategy
• Jan Hatzius & team of Goldman, Sachs & Co., Economics
Most popular team-based sectors (as measured by number of voters*):
• Fixed-Income Strategy (winner: Matthew Jozoff, Alex Roever & team, J.P. Morgan)
• Economics (Jan Hatzius & team, Goldman, Sachs & Co.)
• U.S. Rates Strategy (David Ader & Ian Lyngen, CRT Capital Group)
• High-Yield Strategy (Peter Acciavatti & team, J.P. Morgan)
• Commercial Mortgage-Backed Securities Strategy (Alan Todd & team, Bank of America Merrill Lynch)
Most popular team-based sectors (as measured by number of votes*):
• Fixed-Income Strategy (winner: Matthew Jozoff, Alex Roever & team, J.P. Morgan)
• Economics (Jan Hatzius & team, Goldman, Sachs & Co.)
• U.S. Rates Strategy (David Ader & Ian Lyngen, CRT Capital Group)
• High-Yield Strategy (Peter Acciavatti & team, J.P. Morgan)
• Commercial Mortgage-Backed Securities Strategy (Alan Todd & team, Bank of America Merrill Lynch)
(*Survey participants may name up to four analysts per sector.)
Nine researchers are champions in the following sectors for the first time:
• Susan Berliner of J.P. Morgan, Gaming & Lodging (HY)
• S. Karl Blunden of Goldman, Sachs & Co., Basic Industries (IG)
• Mark Hammond of Bank of America Merrill Lynch, Financials (HY)
• J. Davis Hebert of Wells Fargo Securities, Broadcasting & Publishing (HY)
• Brian Jacoby of Goldman, Sachs & Co., Transportation (IG)
• Douglas Karson of Bank of America Merrill Lynch, Autos & Auto Parts (IG)
• James Strecker of Wells Fargo Securities, Nonbank Financials (IG)
• Calvin Tse and his Morgan Stanley teammates, Currency/Foreign Exchange
• Scott Wipperman of Goldman, Sachs & Co., Telecommunications Services (IG)
Ten individuals finish in first place in more than one sector:
• Susan Berliner of J.P. Morgan
— Building (HY)
— Gaming & Lodging (HY)
• Todd Duvick of Wells Fargo Securities
— Consumer Products (IG)
— Retailing (IG)
• Ana Goshko of Bank of America Merrill Lynch
— Technology (HY)
— Telecommunications Services (HY)
• Brian Jacoby of Goldman, Sachs & Co.
— Aerospace & Defense (IG)
— Transportation (IG)
— Also ranks second in Autos & Auto Parts (IG) and third in Autos & Auto Parts (HY) and Manufacturing (IG)
• Douglas Karson of Bank of America Merrill Lynch
— Autos & Auto Parts (HY)
— Autos & Auto Parts (IG)
— Manufacturing (IG)
— Also ranks third in Aerospace & Defense (IG)
• Peter Quinn of Bank of America Merrill Lynch
— Electric Utilities (HY)
— Electric Utilities (IG)
• Manish Somaiya of Citi
— Manufacturing/General Industrials (HY)
— Services (HY)
— Also ranks second in Autos & Auto Parts (HY)
• Roger Spitz of Bank of America Merrill Lynch
— Chemicals (HY)
— Paper & Packaging (HY)
• James Strecker of Wells Fargo Securities
— Banks (IG)
— Nonbank Financials (IG)
• Scott Wipperman of Goldman, Sachs & Co.
— Technology (IG)
— Telecommunications Services (IG)
— Also ranks second in Media & Entertainment (IG)
Seven other individuals top one sector while also ranking in at least one other:
• J. Nicole Black Skinner of Wells Fargo Securities
— Media & Entertainment (IG), first place
— Technology (IG), second place
— Telecommunications Services (IG), second place
• J. Davis Hebert of Wells Fargo Securities
— Broadcasting & Publishing (HY), first place
— Cable & Satellite (HY), runner-up
— Telecommunications Services (HY), third place
• M. Grant Jordan of Wells Fargo Securities
— Consumer Products (HY), first place
— Retailing (HY), third place
• Jason Kim of Goldman, Sachs & Co.
— Cable & Satellite (HY), first place
— Telecommunications Services (HY), second place
• Harry Mateer of Barclays
— Basic Industries (IG), second place
— Energy (IG), first place
• William Reuter of Bank of America Merrill Lynch
— Consumer Products (HY), runner-up
— Retailing (HY), first place
• Mark Streeter of J.P. Morgan
— Real Estate Investment Trusts (IG), second place
— Transportation (HY), first place
— Transportation (IG), second place
Six analysts oversee more than one top-ranked team:
• David Ader of CRT Capital Group
— Technical Analysis (with Ian Lyngen)
— U.S. Rates Strategy (with Ian Lyngen)
— Also oversees a runner-up team in Fixed-Income Strategy (with Ian Lyngen)
• Eric Beinstein of J.P. Morgan
— Credit Derivatives (with Dominique Toublan)
— Investment-Grade Strategy
• Matthew Jozoff of J.P. Morgan
— Fixed-Income Strategy (with Alex Roever)
— Residential Mortgage-Backed Securities Strategy/Agency (with Brian Ye)
• Ian Lyngen of CRT Capital Group
— Technical Analysis (with David Ader)
— U.S. Rates Strategy (with David Ader)
— Also oversees a runner-up team in Fixed-Income Strategy (with David Ader)
• Alex Roever of J.P. Morgan
— Fixed-Income Strategy (with Matthew Jozoff)
— Short-Duration Strategy (with Teresa Ho)
— Also directs the No. 3 team in U.S. Rates Strategy (with John [Jay] Barry)
• Brian Ye of J.P. Morgan
— Agency-Structured Products Strategy (with Nicholas Maciunas)
— Prepayments Strategy
— Residential Mortgage-Backed Securities Strategy/Agency (with Matthew Jozoff)
Number of analysts and team leaders who appear on the roster: 174
Number of firms they represent: 11
Number of analysts who meet the survey’s eligibility criteria: 292*
Number of firms they represent: 32*
Number of analysts making their first appearance on the team: 28 (the full list can be found here)
*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.
Number of participating buy-side individuals: 1,900
Number of participating buy-side institutions: 535
Total U.S. fixed-income assets under management of participating buy-side institutions: $9.7 trillion.
Note: This file was updated to correct an error in the list of Most popular analysts (as measured by number of votes cast).
