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All-America Research Rankings: Are They Worth the Effort?

In the zero-sum game of the 2021 Institutional Investor All-America rankings, four firms gained 4 or more ranked analysts while three brokers shed 4 or more.  The top six brokers remain deeply committed to the game, while many of their peers waver in their participation from year to year.  As Institutional Investor celebrates the 50 th anniversary of the All-America Research surveys, the rankings remain a key metric for research mindshare.  However, the question remains how critical research mindshare is to equities success.    

J.P. Morgan continued in the top spot for the sixth consecutive year, besting second-place BoA Merrill by three ranked analysts.  These banks have been the most active participants in the II beauty pageant for over a decade.  Meanwhile, Morgan Stanley and Evercore ISI have been duking it out for the number three spot since 2015.  This year, Morgan Stanley topped Evercore ISI by one analyst.

UBS has been the steady Eddie, generally content to hang on to the fifth ranking since 2016.  Wolfe Research is the Cinderella, anxious to take its place among the top research beauty queens as it ascended to the number six spot.  The other notable gainer in 2021 was Barclays, which shook off a weak 2020 effort to return to the top 10.  

Gainers/Losers

Morgan Stanley, Wolfe Research, Barclays and Evercore ISI were the biggest gainers in 2021, each adding 4 or more ranked analysts.  19 of the top 26 firms with ranked analysts had minimal changes to their ranked analysts, shifting by 1 analyst or not at all. 

Citi continues to turn its back on the rankings game, giving up another seven ranked analysts after dropping sixteen last year.  It has fallen to tenth from third place as of 2019.  Credit Suisse is another on-again, off-again player, losing six ranked analysts this year after gaining eight last year.  RBC also appears to have lost heart in the II process, forfeiting 4 ranked analysts after losing five last year.   

Changes Over Time

When we examine the change in the number of ranked analysts between 2013 and now, we see the four bulge banks most committed to research mindshare: JP Morgan, Bank of America Merrill Lynch, Morgan Stanley and UBS.  Each bank has gained ranked analysts since 2013.

The fastest growing players of the II rankings game have been Evercore ISI, Wolfe Research and Wells Fargo.  Each have added over 15 ranked analysts over the period.  Evercore ISI remains the champion gainer, having increased by 23 analysts.

Not surprisingly Deutsche Bank has fallen furthest, losing 24 ranked analysts since 2013.  Barclays, Citi and Bernstein are also down significantly over the eight years.

Do Research Rankings Matter?

It remains an open question whether success in the II surveys has any monetary value other than bragging rights.   A case in point is Evercore ISI, which became one of the top five US research franchises in 2014, according to the All-America poll.  ISI revenues grew 16% that year yet fell the following year when it ascended to third place – and have languished since. 

In contrast, Bernstein Research has lost eleven All-American ranked analysts over the last eight years while revenues have remained relatively stable.  In 2020, Bernstein had its worst showing in the rankings over the last eight years while revenues increased 13%.

Institutional Investor changed its methodology in 2019 to weight buy-side votes by commissions paid rather than assets under management. In theory, this should have correlated the rankings more closely with equity revenues.  In practice, as the Bernstein vs Evercore ISI revenues illustrate, the link between analyst rankings and revenues seems tenuous at best.

Goldman Sachs, a long-standing skeptic of the contribution of research to equities success, has never been an enthusiastic participant in the II beauty pageant.  The other three leading equity franchises – Morgan Stanley, JP Morgan, and Bank of America all see research as a key component of their equity franchises.  They are joined by UBS which has made large investments in beefing up its research capabilities through UBS Evidence Lab.  

But the rankings skeptics seem to be growing.  Citi made a huge effort in 2019, adding 14 ranked analysts and shooting up to the #3 spot, only to walk away this year and last.  Bernstein seems to have quietly opted out.  RBC, after adding 18 ranked analysts from 2013 to 2019, has shed 9 ranked analysts in the two years since.  Credit Suisse and Barclays seem to waver in their commitments from year to year.

In our view, the problem doesn’t lie in the II rankings themselves, even though they can be gamed by concerted efforts from sales staff and analysts.  The rankings, whatever their flaws, represent a reasonable proxy for research mindshare.  The deeper issue is the ultimate utility of research, especially as it becomes increasingly divorced from commissions. 

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About Author

Sandy Bragg is a principal at Integrity Research Associates. He has over thirty years experience as an investment research professional. Prior to joining Integrity in 2006, he was an Executive Managing Director at Standard & Poors, managing S&P’s equity research business and fund information properties. Sandy has an MBA from New York University and BA from Williams College. Email: [email protected]

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Fortune 500

Stacy A. Rasgon, PhD

Managing Director and Senior Analyst, U.S. Semiconductors and Semiconductor Capital Equipment, Bernstein Research

Stacy Rasgon is the Senior Analyst at Bernstein Research covering US Semiconductors and Semiconductor Capital Equipment.

Prior to joining Bernstein in April 2008, Stacy worked as a management consultant at McKinsey & Company, where he advised clients across the semiconductor value chain (and on three continents) in matters of strategy, operations, and M&A. He also spent time at IBM's TJ Watson Research Center, where he examined line edge roughness formation mechanisms during plasma etching of semiconductor devices.

Stacy holds a PhD in Chemical Engineering from the Massachusetts Institute of Technology, as well as a Certificate in Financial Technology from the MIT Sloan School of Management. He earned a BS summa cum laude in Chemical Engineering from the University of California, Los Angeles.

Stacy has been named to Institutional Investor’s All-America Research Team every year since 2010, including numerous appearances as the No. 1 analyst in US Semiconductors.

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Meet Vowels: The Made-in-Japan Streetwear Brand Opening a Cultural Research Library in Downtown NYC

Located at 76 bowery, the space houses the label’s first alternative-luxury capsule collection along with more than 2,000 books and magazines from creative director yuki yagi’s archival research..

Between the launch of Awake NY’s new performance series with Marshall and the opening of Fugazi’s coffee and clothing store on the corner of Orchard and Canal, New York City’s downtown streets are bubbling over with multi-functional, community-oriented streetwear outposts. Cutting the newest ribbon in the neighborhood, designer Yuki Yagi, founder and creative director of made-in-Japan alternative-luxury label Vowels , is entering the mix with an all-new showroom and research library that includes more than 2,000 books and magazines from the designer’s archival research, curated both independently and with collaborative colleagues and friends.

The space, located at 76 Bowery, is built “for people to come to escape the world and get back in touch with printed matter and a time where things were simpler,” Yagi told Hypebeast. His brand is guided by the Japanese philosophy of Shu Ha Ri (守破離), which states that “one must master the fundamentals of a creative practice before breaking those rules and reconceiving the form.” The Vowels store, set to open to the public on May 15, will exist as a vessel for people to accumulate said knowledge.

  View this post on Instagram   A post shared by vowels — (@vowelsarchive)

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Institute for the Arts and Humanities announces 2024-2025 faculty fellows

By Kim Spurr

The Institute for the Arts and Humanities has announced the 2024-2025 Faculty Fellows. The Faculty Fellowship Program offers College of Arts and Sciences faculty the opportunity to pursue ambitious artistic and scholarly projects that lead to publication, exhibition, composition or performance.

During a semester-long, on-campus Fellowship, Fellows meet weekly to exchange ideas with an interdisciplinary cohort of peers. Faculty Fellows often demonstrate a track record of engaging in scholarship that breaks new ground in their respective fields, having an interest in communicating the results of their research to a broader audience, and working to bring that knowledge back into the classroom.

The Fellows and their projects are listed below.

Fall 2024 Fellows

Kathleen Fitzgerald , McGowan Fellow Teaching Associate Professor, Sociology “The Role of Parents in Educating Their College-Bound Children about Sexual Assault Prevention”

David Garcia , Burress Fellow Professor, Music “Border Crossings: Latin U.S. History We Weren’t Taught” (Podcast)

Julia Gibson , Turner Fellow Associate Professor, Dramatic Art “Becoming Invisible?”

Ji-Yeon Jo ,  Ellison Fellow Associate Professor, Asian and Middle Eastern Studies “Un/Settling Korean Diasporas: Cinematic Interventions and Transruptions”

Seth Kotch , Arts & Humanities Fellow – Race, Memory, and Reckoning Initiative Associate Professor, American Studies “Dead South: A History of the Death Penalty in the Former Confederacy”

Elizabeth Olson , Townsend Fellow Professor, Geography and Environment “The Place of Care: Youth Caregivers and the Care Crisis in America”

Morgan Pitelka ,  Johnson Fellow Bernard L. Herman Distinguished Professor, Asian and Middle Eastern Studies “The Resilience of Kyoto: Environmental and Cultural Renewal, 1586-1670”

Ana Silva Campo , Taylor Fellow Assistant Professor, History “Travelers of the Half-Moon Gate:  Religion, Race, and the Right to Wealth in Early Cartagena de Indias”

Rebecca Walker , Schwab Fellow Professor, Philosophy and Social Medicine “Physicians and Punishment: ‘First, do no harm’ in the U.S. Prison System”

Andrew Whittemore ,  Bernstein Fellow Associate Professor, City and Regional Planning “Pursuits of Permanence: The Privileged Enclave in a Capitalist Society”

Spring 2025

Anna Agbe-Davies , Cramer Fellow – Race, Memory, and Reckoning Initiative Associate Professor, Anthropology “Making Race Women: An Archaeology of Civil Rights and Civic Responsibility in the 20th Century”

Lisa Calvente , Espy Fellow Assistant Professor, Communication “The King of New York: Neoliberalism, Hip Hop, and Black Love”

Stephanie DeGooyer, Dubose Fellow Assistant Professor, English and Comparative Literature “Asylum Nation: A History of How States Reject and Protect People”

Juliane Hammer , Belk Fellow Professor, Religious Studies “Islam and Feminism: Activism, Knowledge, Community”

Keren He , Ellison Fellow Assistant Professor, Asian and Middle Eastern Studies “Anti-Aging in Chinese-Speaking Worlds”

Thomas Hofweber, Pardue Fellow Professor, Philosophy “Are Language Models Rational? Comparing Human and Artificial Intelligence”

Sharon Holland , Hyde Fellow Professor, American Studies “Queer Eyes: Readings of ‘Outsider’ Art”

Scott Kirsch , Blackwell Fellow Professor, Geography and Environment “Kress Variety Stores and the Architecture of Mass Consumption:  A Building Geographies Approach”

Katya Pertsova , Borden Fellow Associate Professor, Linguistics “The Language of Propaganda”

The Faculty Fellowship Program will begin accepting applications for the 2025-2026 academic year on July 1.

By Kristen Chavez, Institute for the Arts and Humanities