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Brendan Wood’s TopGun Analysts of The Year

August 14th, 2014 by TopGun Press

David Raso ISI Research Group – USA TopGun Analyst of the Year

Mario Mendonca TD Securities – Canada TopGun Analyst of the Year

August 14th, 2014 (TopGun Press): North American investors allocated almost half of their multi-billion dollar trading commissions for investment research services this year according to Brendan Wood International. Both US and Canadian investors report a robust commission year during which they continue to assign a high value to investment research, especially TopGun Analysts who, while accounting for less then ten percent of the analyst population, generally earn in the vicinity of half the allocated commission dollars.

The Brendan Wood TopGun Designation is the highest accreditation available to analysts largely because the designation is based upon an analyst’s share of institutional commission dollars as well as the quality of their work. It is the most coveted and rarely awarded attestation of quality and value. Globally, members of The TopGun Society represent only those who achieve in the top decile of the industry. TopGun Analysts are awarded hefty commissions primarily for their contribution to the investment decision making process of their clients rather than the often assumed stock picking expertise. Institutional investors report that their TopGun Analysts provide outstanding insight, originality and investment reasoning as well as consistent personal coverage while institutional portfolio managers ultimately make their own investment decisions. TopGun Analysts are also cited as bringing depth and integrity to the investment discussion, adapting their commentary to the investment objectives of their clients. Finally, in the Brendan Wood data underpinning TopGun Analyst Designations are the ratings of the corporate issuers about whom TopGun Analysts publish their reports. In the 2013/2014 session the Brendan Wood Partners debriefed several hundred corporate executives on their evaluations of the analysts covering their firms as well as conducted nearly 2000 debriefs with portfolio managers and CIOs.

TOPGUNS USA

Of the 30+ TopGun Designations awarded in 2014 in the United States the most highly rated was David Raso of ISI Research Group for his work on Industrials. By virtue of his leading ratings Mr. Raso emerges as the best among the best and is therefore the TopGun US Analyst of the Year. This ranking places him in competition for TopGun Analyst in the World to be announced by Brendan Wood later this year. Of the 30+ TopGun Designations, the top ten sector analysts in the United States, including Mr. Raso, are:

Consumer Products – Ali Dibadj – Sanford Bernstein
Energy & Power – Ed Westlake – Credit Suisse
FIG – Thomas Gallagher – Credit Suisse
Healthcare – Mark Schoenebaum – ISI Research Group
Industrials – David Raso – ISI Research Group
Media – Todd Juenger – Sanford Bernstein
Metals & Mining – Timna Tanners – BAML
Real Estate – Steve Sakwa – ISI Research Group
Technology – Toni Sacconaghi – Sanford Bernstein
Telecommunications and Equipment – Simon Flannery – Morgan Stanley

In a forth coming release Brendan Wood International will announce the full roster of US TopGuns for 2014. Of special interest is the fact that Mr. Raso is employed by independent ISI Research Group and his closest sector rival, Donald Carson also a TopGun, is employed by Susquehana Financial Group, another non-bulge bracket research group.  In fact, many of this year’s TopGuns represent non-bulge bracket firms, a significant ongoing trend in leading research coverage of both US and international names.

TOPGUNS CANADA

Canada’s TopGun Analyst of the Year is Mario Mendonca of TD Securities for his work on Banks and Insurance issuers. The Canadian market for research commissions is highly competitive. Ratings assigned to analysts by both domestic and foreign investors in Canadian stocks encompass a somewhat complex sector breakdown of their work. It is also relevant that the quality of analysis provided ranks amongst the highest in the world. This high overall standard is a byproduct of the intensity of the research competition in the Canadian market. There is an ample roster of Canadian TopGuns earning world class ratings relative to market size. Twenty-five percent of Canadian TopGuns, classed as best in sector and non sector categories below, represent non-bulge bracket firms. This mirrors the trend in the US market.

STRATEGIES ON THE MOVE:

Bank of America Merrill Lynch upped the ante on Canadian competition with a two year increase in market share of commissions. Bank of America Merrill Lynch’s Canadian commitment yielded nine sector rankings including TopGuns Glen Campbell, Telecommunications & Wireless, who doubles as Director of Research, Michael Jalonen, Precious Metals & Diamonds – Large Cap and Oscar Cabrera, Base Metals & Minerals. Now with 18 analysts on board, it appears Bank of America Merrill Lynch is in Canada to make a difference. As has been the case in the past, a US bulge bracket firm which stays the course of commitment to Canada does well.

Peters & Co. continues to pursue a highly successful “flight to quality” strategy in the Energy Sector. Peters’ increasing market share across the board of its products and services attests to the authenticity and quality factors which distinguishes the Peters team. Contributing to Peters’ brand and growth are TopGun Analysts Jeff Fetterly and Jeff Martin. Peters & Co. is to be featured in a closed circuit article on Strategy in next month’s TopGun Society Journal.

National Bank Financial has taken a different path. While maintaining its position in research commissions this year, the firm has created an industry leading corporate research franchise. NBF now matches the industry leader, RBC, in the number of transactionally active corporations ranking its research in first place.

The full roster of Canadian market TopGuns will be announced in a further release.

Agriculture, Chemicals, Fertilizers – Jacob Bout – CIBC World Markets
Alternative Energy – Matthew Akman – Scotia Capital
Banks – Mario Mendonca – TD Securities
Base Metals & Minerals – Greg Barnes – TD Securities
Biotechnology & Pharmaceuticals, Healthcare – Doug Miehm – RBC Capital Markets
Consumer Products & Merchandising – Perry Caicco – CIBC World Markets
Diversified Financials – Geoff Kwan – RBC Capital Markets
High Tech – Richard Tse – Cormark Securities
Industrial Products – Ben Cherniavsky – Raymond James
Insurance – Mario Mendonca – TD Securities
Media – Drew McReynolds – RBC Capital Markets
Oil & Gas Equipment & Services – Jeff Fetterly – Peters & Co.
Oil & Gas – High Payout – Patrick Bryden – Scotia Capital
Oil & Gas – Large Cap – Randy Ollenberger – BMO Capital Markets
Oil & Gas – Small/Mid Cap – Jeff Martin – Peters & Co.
Precious Metals & Diamonds – Large Cap – Tanya Jakusconek – Scotia Capital
Precious Metals & Diamonds – Small/Mid Cap – Andrew Kaip – BMO Capital Markets
Pulp, Paper & Forest Products – Daryl Swetlishoff – Raymond James
Real Estate, REITS & Hospitalities – Neil Downey – RBC Capital Markets
Telecommunications & Wireless – Dvai Ghose – Canaccord Genuity
Transportation – Walter Spracklin – RBC Capital Markets
Utilities – Matthew Akman – Scotia Capital
Economics – John Aitkens – TD Securities
Index Analysis – Peter Haynes – TD Securities
Portfolio Strategy – John Aitkens – TD Securities
Quantitative Analysis – Mark Deriet – Cormark Securities
SmCap/SpSits – Sarah Hughes – Cormark Securities
Technical Analysis – Mark Deriet – Cormark Securities

*Typically the top three analysts in sector obtain TopGun status. The names above are the first placed TopGuns.

The TopGun Story: “Our firm began asking investors to quantify their commissions and rate the quality of service supplied by their broker dealers thirty five years ago,” said Brendan Wood, Chairman. “Today our worldwide investor panel also reports their ratings of some 2000 major corporate issuers. These evaluations of corporate investment targets accompany and frequently align investors’ ‘votes to pay’ the analysts who add the most value to their investment decision process, relating to particular investment targets. The optimal performance of investment analysts is not only quantified in commission dollars but on a stock by stock quality basis as attested to by corporate issuers on whom analysts publish their reports. Corporate respect for the quality of a firm’s research often contributes to the corporate issuer’s perception of the firm’s credibility with investors and thence to the inclusion of that firm in the corporation’s banking group. Since banking fees outweigh commissions, TopGun research can be an important contributor to a profitable banking brand.  We enjoy helping broker dealer Research Directors identify how each of their analysts stand up to competition on a very specific and detailed basis. It is important for us to be able to monetize performance and attach analysts’ efforts to commission allocations as well as their credibility on individual corporate names. We do the same with sales and trading,” explains Mr. Wood. In its forthcoming release Brendan Wood International will announce TopGun Research, Sales and Trading Directors who lead their respective teams in North America. A comment from Mr. Wood, “In this industry, players often change the names on their sweaters but seldom their performance by changing jobs, it is telling that many TopGuns add loyalty to their credentials in that they change jobs less frequently than their less accomplished colleagues. The relationship between management and TopGun players is a vital component of individual and team accomplishment, building brands over time. TopGun Managers match up well with TopGun professionals. Mismatches in authenticity and dedication on either side of the management player equation, generally don’t end well”.

Operating under the mantra “TopGun Performance Is Our Business” the Brendan Wood group celebrated its 44th anniversary advising corporations, broker dealers, investment banks and money managers with respect to their strategies, brands and execution performance particularly in the capital markets worldwide.

Contact:

Brendan Wood International
+1 416 924 8110
www.brendanwood.com
www.topgunpress.com

 

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