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31 January 2007
Enhanced Analytics Initiative Publishes Results of Fifth Evaluation of Investment Research
Source: www.enhancedanalytics.com
London, 31 January 2007:
The Enhanced Analytics Initiative (EAI) has today announced the results of its latest evaluation of investment research, covering reports produced between May and October 2006. In this latest evaluation, the fifth in a period spanning two years, EAI has observed an ongoing improvement in the quality, diversity and coverage of extra-financial research.
EAI members reward research providers that are effective at analysing material extrafinancial issues (EFI) and intangibles. The half yearly evaluation serves as the basis for EAI members’ allocation of a minimum of 5% of their respective brokerage commissions or research budgets for the first half of 2007. The 24-member Initiative collectively now owns or manages €1.8 trillion (c. US$2.4 trillion) of assets.
The latest evaluation, undertaken by the specialist consultancy onValues Ltd., assessed reports from a total of 22 research providers. The following institutions (listed in alphabetical order) have been evaluated as providing the best analysis of extra-financial factors in the period and will be eligible for EAI commissions in the former half of 2007:
• Bernstein
• CA Cheuvreux
• Citigroup
• CLSA
• Deutsche Bank
• Goldman Sachs
• Innovest
• Morgan Stanley
• Oddo Securities
• Société Générale
• UBS
The latest evaluation was characterised by a number of emerging trends and themes including:
A broader range of extra-financial issues being covered by the research community, including some innovative approaches aimed at quantifying management and execution quality
The research demonstrates that clean technologies as well as the impact of the EU carbon emissions trading system continue to be covered extensively. At the same time, it is encouraging to see other environmental themes are being better covered
Commodities research increasingly featuring analysis of extra-financial issues Analysis of corporate governance and mergers & acquisitions remains underweight relative to the importance of these issues to investment decision making
The impact of extra-financials issues on the pharmaceuticals, banking and insurance sectors remains under-researched
Ivo Knoepfel, Managing Director of onValues, the specialist consultancy that conducted the evaluation on behalf of EAI, commented:
"This latest evaluation demonstrates a growing capacity among research providers to consider a broader range of extra-financial analysis. Over the course of the last two years we have also observed extra-financial issues being considered by other research functions, beyond specialist or sector teams. While there has been a further refinement of models to integrate EFIs into investment valuations, we believe a key challenge going forward will be the wider application of these methodologies.”
Peter Moon, Chief Investment Officer of the Universities Superannuation Scheme and one of the founding members of the Enhanced Analytics Initiative said today:
“The results of the evaluation come on the back of EAI seeing a four-fold membership growth since the Initiative’s inception just over two years ago. There is still some way to go in terms of the breadth of extra-financial coverage, but we are confident that soon, with the presence of ever more talented research providers, research reports that truly integrate extra-financials into financial analysis will become commonplace.”
To access the full report, and for further information on the EAI, please visit: www.enhancedanalytics.com.
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