Sector Performance Analysis Q3 2009

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New York – Using data covering October 1, 2008 to October 1, 2009 from Investars, an equity research performance measurement system, we took a look at the sector performance of the research providers covered, dividing the performance up into four tables. The first three tables award ranks to the top five performers in each sector.

In order to find the research provider that offers the best performance across all sectors, we awarded points to each rank, so that 5 points was awarded to the first placed research provider, 4 points to the second placed, etc.

The firms that excelled at sector selection were Haugen Custom Financial Systems, Merriman Curhan Ford, Susquenhanna Financial, SMH Capital and Northland Securities.  Together these firms accounted for close to 35% of all the possible 150 points awarded under the above system.

 

Rank

Energy Materials Indutrials Financials

1

Merriman Curhan Ford Haugen Custom Financial Systems, Inc Kevin Dann & Partners, LLC Ford Equity Research

2

Northland Securities Needham & Company, LLC Haugen Custom Financial Systems, Inc BWS

3

Boenning & Scattergood. Barrington Research Taglich Brothers Thomson Reuters

4

Thomas Weisel Raymond James Susquehanna Financial DA Davidson & Co

5

Goldman Sachs B Riley & Co Market Profile Theorems (MPT) Zacks Investment Research, Inc.

 

Rank

Consumer Discretionary Consumer Staples Healthcare

1

Merriman Curhan Ford & Co. SMH Capital Ladenburg Thalmann & Co. Inc.

2

Haugen Custom Financial Systems, Inc B Riley & Co Susquehanna Financial

3

Boenning & Scattergood, Inc. Wedbush Morgan Securities Northland Securities, Inc

4

Cantor Fitzgerald Morgan Joseph & Co. Inc. Taglich Brothers

5

MKM Partners Merriman Curhan Ford & Co. CIBC World Markets

 

Rank

Telecomm Info Tech Utilities 

1

Susquehanna Financial Emerging Growth Equities, Ltd. Market Profile Theorems (MPT)

2

SMH Capital MKM Partners Standpoint Research, Inc.

3

William Blair & Company Pali Research Haugen Custom Financial Systems, Inc

4

Ativo Research Haugen Custom Financial Systems, Inc Raymond James

5

Maxim Group Pacific Crest Piper Jaffray

 

Research Provider

Total Points

Haugen Custom Financial Systems

14

Merriman Curhan Ford

11

Susquehanna Financial

11

SMH Capital

9

Northland Securities

7

Boenning & Scattergood.

6

Market Profile Theorems

6

B Riley & Co

5

Emerging Growth Equities

5

Ford Equity Research

5

Goldman Sachs

5

Kevin Dann & Partners, LLC

5

Ladenburg Thalmann & Co

5

MKM Partners

5

Taglich Brothers

5

BWS

4

Raymond James

4

Standpoint Research

4

Needham & Company

4

Barrington Research

3

Pali Research

3

Thomson Reuters

3

Wedbush Morgan Securities

3

William Blair & Company

3

Morgan Joseph & Co

2

Ativo Research

2

Cantor Fitzgerald

2

DA Davidson & Co

2

Thomas Weisel

2

CIBC World Markets

1

Maxim Group

1

Pacific Crest

1

Piper Jaffray

1

Zacks Investment Research

1

 

Notes: 1) Every summary statistic has two sides: 1) the insight that is gained from summarizing the data and drawing conclusions from it, and 2) the detail that is lost in the process. For the above analysis the insight gained was in identifying research providers that have broad sector performance. What was lost in the points system was that the system itself rewards broad sector coverage. Therefore the sector specialists who cover one or two sectors only are penalized by looking at the data in this way.

In a subsequent blog, we will look at the ways to assess the efficacy of research within only the sectors that are actually covered by the research providers.  

2) The data used in this analysis comes from the Investars Light equity research performance measurement system. The analysis and conclusions drawn are those of Integrity Research.

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