Our equity analysts are responsible exclusively for stock selection. As such, they spend the vast majority of their time conducting rigorous fundamental research on individual companies in order to assess their intrinsic value. Analysts communicate their recommendations through the use of a paper portfolio which simulates investment decisions in the actual stock market. This is a list of stock recommendations that have been weighted to reflect the analyst’s degree of conviction in each idea. The performance of each analyst’s paper portfolio, relative to a relevant benchmark, provides the most significant input to their remuneration. In the early years of an analyst’s career, their paper portfolio is a valuable learning tool that has a limited impact on clients’ portfolios. Analysts who demonstrate superior stockpicking ability are given additional responsibility, and it is the recommendations of these “selected analysts” that serve as the raw materials for the portfolio construction process. Our equity analysts have come from a wide range of backgrounds such as accounting, private equity, law and industry.