Independent Research Provider Members

13D Global Strategy & Research is an independent research firm dedicated to finding the asset class, sector, or market that will outperform all others in a given year. We have been consistently successful at this for over 35 years. Our research approach focuses on themes relating to technology, health care, disruption, geopolitics, social issues and trends, among others. We usually identify only three to five major investment themes each year; holding them as long as five years or until we find another asset class, market, or industry that we think is reaching an inflection point.

4X Global Research is a fully independent but well connected London-based macro & FX consultancy founded in 2017 to provide institutional clients with the substantive and high-quality insights they need to make informed and timely decisions and gain an edge in their investments.

Its focused, top-down, thematic approach is grounded in both a detailed qualitative assessment of Emerging and G20 fixed income markets and economies and a rigorous quantitative analysis of data, trends, policy decisions and global events too often taken at face-value and mispriced. 4X Global Research has created a number of proprietary macro data series and boasts a consistently strong forecasting track record for FX, rates and macro & political developments. Its subscription-based research, including its forward-thinking flagship Fixed Income Research & Macro Strategy report, and bespoke consultancy services form the basis of a long-term strategic partnership with its clients.

Absolute Strategy Research Limited is a specialist financial consultancy that is dedicated to providing high quality macroeconomic, equity strategy and asset allocation research and advice to institutional investors around the world. As well as publishing regular investment strategy products, the firm also undertakes bespoke consultancy projects, and has an acknowledged expertise in the field of financial surveys.

Contacts: Ian Harnett (ian.harnett@absolute-strategy.com) and David Bowers (david.bowers@absolute-strategy.com)

Analyse. Debate. Act. (ADA) is an independent macroeconomic and political research company specialist on Europe. ADA couples traditional rigorous econometric modeling with the proprietary data and intelligence on political changes and policy implementation, as well as proprietary information we collect on countries’ competitiveness in the corporate sector. ADA has developed its own methodology to monitor and forecast shifts’ in voters’ perception and voting intention. We have perfected this technique over the past two years and it consistently signaled anomalies in the more widely available opinion polls in all major political events since the UK EU referendum (2016), including the recent Italian election. We include the intelligence we gather from these exercises in our country monitoring and Europe Monitor publications. In every country that is routinely monitored by ADA in Europe, we maintain a regular dialogue with policy makers, small and medium sized non-financial corporations and voters (via our surveys on voters’ perception). This allows us to have a broad perspective on factors that affect economic growth and financial markets.

We are an independent ‘Agency Broker’ with traditional values and a focus solely on institutional clients. We specialise in sectors of the equity market where we feel we can add value with our highly rated analyst teams. We refuse to compromise our product with corporate business and therefore we are free at all times to recommend investment ideas. From 2010 our clients have enjoyed an unbiased and focused product which is clearly differentiated. We have experienced analyst teams covering the following sectors: Global Aerospace & Defence; European Capital Goods; UK Utilities; and European Quantitative Strategy. Each analyst maintains full financial models on every company covered and this is alongside company notes, daily sector updates, results analysis and sector themed notes. The key is our ability to be independent and therefore to write timely and thought-provoking research that clients find interesting. The absence of corporate clients allows us the freedom to concentrate solely on our institutional clients, leading to less biased, more balanced equity research.

Founded in 2007, AlphaValue is now the world’s leading provider of Independent European Equity and Credit Research, helping money managers to generate ideas and assess the risks and opportunities within their mid to large cap portfolios. Ranked #1 in Extel 2017, local teams of 30 leading analysts across Europe use a proprietary valuation model to offer a disciplined, consistent research framework. Clients benefit from direct access to our teams with personalized service and transparent pricing. The breadth of coverage – about 500 European companies - across 130 sectors and 17 countries, allows AlphaValue to provide insight on markets & sectors and highlight the best investment in Europe.

Founded in early 2000 by experienced research professionals, Arete is the pioneer in independent equity research, and has the largest team of experienced analysts specialising in global technology, telecoms and alternative energy sectors.

Autonomous Research LLP aims to be Europe’s leading independent research provider on banking and insurance companies. Our team has unrivalled industry knowledge, with over 180 years coverage of financial institutions. Our people have a proven track record of generating ideas and helping our institutional clients out-perform. This is evidenced by numerous industry awards over many years. We are 100% free from external control and constraint. We are a partnership owned by the staff – there are no outside investors. We will never offer investment banking services nor will we ever engage in proprietary trading activities. So we will be fully focused at all times upon servicing our institutional clients’ needs At Autonomous we are committed to excellence in research. Our teamwork will allow us to offer unique insights. We will search for the best ideas both across sectors – banks and insurers – and across asset classes – equity and credit.

Established in 1990, BBSP is a leading independent technical research firm with a global presence servicing clients in over 20 countries. BBSP provides technical financial market analysis, consulting and strategy solutions exclusively to buy-side clients including the leading global investment banks, pension/asset management companies, hedge funds, and corporations. Our 20-strong team of experienced analysts consistently delivers award-winning, clear and actionable insights through a robust proprietary research process and unique methodology. Our research covers across all major investment asset classes and time horizon spanning from long term to intraday, with the goal of optimizing our clients investment performance globally. Our analysts accompany clients with personalized consulting and bespoke research services.

BCA Research is the leading independent provider of global investment research. Since 1949, BCA’s mission has been to support its clients in making better investment decisions through the delivery of leading-edge analysis and forecasts of all the major asset classes and economies, as well as educating, informing and stimulating discussion through clear and thought-provoking research. BCA provides its services to investment professionals and multi-national corporations across six continents through a wide range of products, services and meetings. The firm maintains a head office in Montreal, with local offices in London, New York, Hong Kong, San Francisco, Sydney, Cape Town and São Paulo.

Trevor Neil started as a financial professional over 40 years ago and is regarded as one of Europe's leading technical analysis experts. In 2003 Trevor founded the BETA Group, offering consultancy to banks and funds around the world, as well as seminars to banking professionals. He has appeared on CNBC, IG TV, Bloomberg television and has written articles published in leading financial journals. BETA is an Accredited Training Provider for the CISI and he has courses which earn CE time for the CFA Institute.

Bianco Research L.L.C. has been a source of objective research and unique insights into financial markets for nearly 20 years. Our team of macro strategists and data scientists boasts decades of experience in financial markets. We combine cutting edge analytics and a highly visual approach to provide clear, concise conclusions. Our clients trust us to provide objective, data driven analysis and market commentary on the latest themes in financial markets. Founded in April 1998 by James A. Bianco, Bianco Research is located in downtown Chicago. Bianco Research L.L.C is an affiliate of Arbor Research & Trading, L.L.C. Arbor is a fixed income research and brokerage firm headquartered in Barrington, IL, with offices in New York, Ft. Lauderdale, London and Geneva.

Blue Heron Research Partners is a global leader in qualitative due diligence. We’re an independent research firm that works on an exclusive basis with our clients and we’re proud of our reputation for integrity, ethical conduct, and professional excellence. We apply the fundamentals of investigative journalism – detailed interviews and meticulous public records searches – to uncover the unvarnished truth about a company.

Camdor Global Advisors is a specialised investment advisory firm, providing investment and risk management services to institutional investors, especially those with liabilities.

We provide macro economic research alongside in-depth analysis into alternative asset classes. Our research is focussed towards identifying the key macro risks to pension funds and insurance companies. We produce macro research on a quarterly basis and in-depth studies into specific alternative asset classes semi annually. Please find at the bottom of this page several examples of our research and our most recent macro piece, a look at Deglobalisation 2.0.

Our research is fundamental to our wider business, we take a holistic approach to our projects and our research is the foundation of this approach. Whether it be dedicated research projects or for the wider business activities, we pride ourselves on innovative, focussed and original research which we believe adds value to our clients specific needs. Below are the areas we offer advisory services to our clients:

- Alternatives Asset Classes
- Sourcing & Structuring
- Capital and Regulatory Advice
- Investment Strategy
- Pension Buyouts
- Investment Research (white papers, on-going commentaries, etc)
- Fund Analysis Due Diligence + Manager Selection
- Governance- Risk Management
- Portfolio Management

Capital Alpha Partners, LLC is an independent research firm, providing public policy guidance and in-depth political analysis to institutional investors in North America, Europe & Asia. Based in Washington, DC, the team of eight senior analysts assesses the market significance of U.S. government activity affecting the financials, healthcare, industrials, energy, utilities, telecom, and consumer sectors. They also analyze fiscal policy, election risk, geopolitics, labor, and trade. Investors – whether Global PMs or industry analysts, short- or long-term holders – depend on Capital Alpha’s experienced, nonpartisan coverage of legislative activity, the regulatory process, budget data, and related politics to contextualize U.S. political developments.

Capital Economics is one of the leading independent economic research companies in the world. We provide country and regional research on the US, Canada, UK, Western Europe, Japan, China, India, Latin America, Emerging Europe, the Middle East, Africa, Emerging Asia, Australia and New Zealand. We also provide overview services covering the global economy and financial markets, and have dedicated services providing research on commodities and on the property sector.

We offer support to clients in their respective time-zones through offices in Toronto, New York, London, Singapore and Sydney. Our large team of more than 60 economists are available for personal contact via telephone and email, and also for presentations. In addition, we undertake bespoke projects and consultancy.

Consumer Edge Research is a preeminent independent equity research boutique focused on the global consumer, including the consumer staples and consumer discretionary sectors. We generate non-consensus ideas combining uniquely thorough, fact-based, primary research with rigorous valuation analysis and perspective from years of covering our sectors. Our team has over 100 years of combined experience in the consumer and financial services industries. Our data are gathered both from global syndicated sources as well as primary research surveys, industry insights and other proprietary data collection. We offer a high level of service and responsiveness by keeping a focused client list.

Our offices are in London, New York and Singapore with 70 staff serving our clients globally.

We provide independent, global economic and market impact research helping clients to identify tomorrow’s macroeconomic trends today. Our content ranges from real-time data analysis to longer range macroeconomic, risk and scenario analysis.

Our proprietary, systematic, framework explores not only traditional flow variables but also balance sheet analysis—noting possible imbalances, vulnerabilities, asset mispricing and macroeconomic factors—covering over 170 economies around the world with proven application to equity markets most notably through our Roubini Barclays Country Insights investable equity indices

We complement that with award-winning real-time and shorter-range data/ technical analysis to challenge/confirm our longer-range forecasts and scenarios.

The combination, integrated and internally consistent, provides a unique service for clients helping them to set the longer-term direction of travel for their portfolios and informing their tactical decisions on how to get there

Cornerstone Macro was founded in 2013 with the goal of providing best-in-class research to institutional investors. It is committed to delivering a focused, independent, and unbiased macro research product. Currently, Cornerstone Macro offers economic, policy, equity strategy, options strategy, technical analysis, and energy research, as well as equity and options trading. Most of Cornerstone Macro’s analysts are and have been among the top-ranked analysts on Institutional Investor’s All-American Research Team for much of the past decade.

Cornerstone Macro aims to become an integral part of its clients’ investment process. The firm employs research analysts, institutional salespeople, and sales traders at its offices in New York City and in Washington, DC. Cornerstone Macro serves clients in the US, Europe, Canada, Asia, Australia, and Latin America.

Costigan Reports Inc. is an independent and conflict-free North American equity research boutique based in Vancouver, Canada. We provide timely, actionable mid- and small-cap (between $1 billion and $10 billion) equity investment ideas to our clients on a monthly basis. The majority of our selections have limited coverage by the street. Ours is a mosaic approach. We first apply a fundamental bottom-up analysis of material public information and combine it with non-material, non-public information. We specifically seek out and endeavour to take advantage of market inefficiencies. We search for North American companies with specific attributes: strong operating cash flow, strong balance sheet, good corporate governance with a clearly defined capital deployment strategy, and a catalyst to move the stock higher over the near-term (one year) and the medium-term (three years).

CGI is an Independent Research Provider with focus on offering our select global institutional clients alpha return strategies ahead and beyond our competitors. Our differentiation from our competition lies in the high percentages of successful alpha enhancing investment ideas that we have delivered over the years to our clients, who have entrusted us to enhance their portfolio performance. Our research objective is to be more efficient in the selection of our recommendations, and target "winning strategies" rather than maintenance research.

Creative Portfolios Limited is an independent unbiased specialised ideas provider, with a defined global bank stock market focus. Our value-quality PH Score™ model is an accounting-based performance metric-based strategy which uncovers long/short ideas on global banks. The PH Score™ is trademarked and back tested for Developed and Emerging Markets. The model is important as a useful tool/starting point to uncover opportunities and prospective portfolio candidates which - with all its subtleties - we appreciate is a rigorous process. Creative Portfolios Limited supports and meets institutional and private wealth management objectives in a post MiFID II world with a distinct quantamental, financial statement-based heuristics, product-service. Our commitment is to our clients and to partnership- to generate alpha and opportunity. We supply deep due diligence and specialist insight on global banks.

Credit Rubric is an independent, comprehensive research, data and analytics platform for European sub-investment grade securities; we provide independent quantitative analysis combining financial performance, credit metrics and market pricing. We are a subscription only service for market professionals, founded by market experts and provide coverage of the full universe of Western European sub-investment grade securities.

CreditContinuum provides independent research on securities issued by financial institutions globally across the credit continuum to enhance the investment decision making process. This vision is actioned via clear and concise relative value investment opinions based on a fundamental assessment of the institution juxtaposed with market pricing and technical analysis. CreditContinuum Ltd is an appointed representative of Messels Ltd, which is authorised and regulated by the Financial Conduct Authority.

CreditSights was founded by a group of analysts in September 2000, and the firm has grown from 8 original employees to over 120 worldwide. It has been recognized multiple times as the top independent credit research provider by Credit Magazine in the US and Europe. With its main offices in New York, London and Singapore, CreditSights is purely a research firm and does not underwrite securities or manage assets. Its research is distributed as a password-protected subscription service, and it has over 1,000 institutional clients based in the US, Europe, Middle East, Asia and Australia. Its active coverage universe includes around 1,000 of the most widely-traded names across 40 industries.

Denny Ellison provides bespoke equity research to asset managers. The research is written by a team of experienced analysts who have worked across several sectors and geographies. We do not publish the research that we write for clients, it is delivered only to the institution that commissioned it. Our mission is to help our clients meet their investment objectives by providing them with a completely customised equity research service.

Drewry, since 1970, has established itself as a firm with long history of credibility and expertise on the maritime industry. Leveraging our extensive market knowledge and understanding, we have extended our portfolio to deliver a truly independent investment research and advisory service on companies operating within the maritime industry. Across today's fast-moving capital markets you need sector experience and robust, impartial analysis to be confident of making well timed and informed investment decisions. We offer an independent financial research service, including structured advice to help you gain a clear and complete picture of the organisations and sectors under coverage.

Authorised by the UK Financial Conduct Authority (FCA) to provide investment advice, we are uniquely positioned to provide a product that offers independent and unbiased analysis on organisations in the maritime and shipping industry.

We provide equity, credit and bespoke financial analysis in the following maritime sectors:

• Container shipping
• Port operators
• Dry bulk shipping
• LNG/LPG shipping
• Crude/product tanker shipping
• Non-operating owners

ECR Research sole aim is to provide you with research and advice to best suit your needs. No nonsense or jargon, but a crystal clear analysis of all that matters in the global financial markets enabling you to spend more time with your clients and on other core activities. ECR Research offers a high quality service at just a fraction of the cost of alternative, in-house and external, research solutions. ECR Research is privately owned and strictly independent and has no investment or trading activities.

Introduction video ECR Research https://www.youtube.com/watch?v=BbXj8vgOiDY

Web Demo ECR Research https://www.youtube.com/watch?v=DQD-tKJZN6U

Ekins Guinness uses a proprietary data-driven investment methodology to identify global investment opportunities in asset allocation, equity regions, sectors (globally and within different regions) and currencies. Our focus is on fundamental value and market trends/momentum which are independent of opinion, forecasts and emotion. This methodology acts as an "investment radar" which allows investment decision-making to be entirely objective. Every asset is given a Value Score and a Trend Score, which in turn generate a Total Score. These Scores, which indicate a numerical conviction level, are used to present Investment ideas, and are also put together in a rules-based approach to generate a number of different Model Portfolios.

For over a decade, Entext has offered global institutional investors with distinctive, actionable asset allocation and thematic research. We focus on identifying key secular sector trends, as well as tactical inflection points in relative asset performance. Thematic equity coverage via baskets of 6-8 liquid large cap names complements our top down asset allocation product.

Financiële Diensten Amsterdam (“FDA”) delivers ‘buy-side’ equity research and active portfolio construction for professional clients. Our focus is directed at European and US Large-Cap companies with a ‘free float’ market capitalization exceeding EUR 10 billion .

Based in Amsterdam, a team of 25 dedicated analysts with a wide variety of backgrounds is responsible for the rigorous selection and portfolio-construction. We have been providing these services for over 30 years, based on independent, in-house research. We target well managed western companies with a sustainable and defendable competitive edge. They benefit from globalization and structural growth opportunities .

Our concentrated portfolios are managed in an unconstrained way and based on ‘high conviction’ ideas. The main objective is an attractive and consistent (out) performance for our clients. Our thoroughness and long term perspective are central to this objective .

The Large-Cap mandates from institutional clients are managed in an advice-only manner, in the sense that we are not involved in the execution of the transactions. Our clients can choose their own custodian and broker .

Our flagship portfolio, consisting of 65 stocks, is the FDA Blue Chips Equity portfolio, launched in June 2003, and has delivered an average annual performance of +11%. In total, on the FDA research platform, there are more than 125 companies analyses, including in-depth ESG analyses.

To view an example of our research, a summary sustainability report is downloadable from the FDA listing on the Euro IRP Directory.

FuturesTechs, founded in 2000, provides daily technical commentary and levels to a wide range of market professionals covering all the world’s leading Futures markets as well as bespoke analysis on UK Equities. Traders, Brokers and Fund Managers rely on our concise daily analysis, utilizing amongst other things Candlestick Analysis, one of the specialties of Founder Clive Lambert, who has written a book on the subject. The reports cover EU and US Bonds and Equity Indices as well as Forex and a wide range of Commodities, including Carbon Emissions. The UK Equity product provides signals as well as individual trade recommendations. A free trial is available.

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.

The focus of the Galliano's Latin Notes Ltd product is to seek out mis-pricings in the market, on a bottom up basis and focused on long and short calls, in the LatAm and Southern European financials space. In addition, the product explores thematic research opportunities in the banking sector, including FinTech.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. The aim is to develop more of a contrarian approach to investment research, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of Gordon's Growth Model (GGM) and Sum of the Parts (SOTP) valuation.

Geospatial Insight Limited is an independent research and intelligence provider based in London. Specialising in equity, commodity and property asset classes, Geospatial Insight use large scale quantitative and qualitative analysis of satellite imagery and data to generate their unique insights.

Weekly and fortnightly products are published for a range of commodities, providing clients with proprietary insights. Substantive research and consulting services are also delivered, to support due diligence of assets being considered for portfolio entry. Once under management, Geospatial Insight’s asset monitoring service informs trading strategies and timing.

Industry sectors include; Agriculture, Mining, Manufacturing, Construction and Retail, particularly in frontier markets.

GiraffEquity provides panoramic corporate analysis. Our truly independent research covers the governance, strategy and financials of listed companies. We favour the long term over the short term and quality over quantity. We offer complementary products, be they the desire for in-depth knowledge, turning points or idea generation. We commit to being fair and accurate in our assessments. We endeavor to present our opinions in a clear and concise manner. GiraffEquity Research is particularly suitable for fundamental and bottom-up investors, especially those who need expertise in French midcaps and are not able to attend local financial events.

Founded in 1985, Green Street Advisors is the preeminent independent research and advisory firm concentrating on the commercial real estate industry in Europe and North America. The company is a leading provider of analytics, research, and data on both the private and public markets. Green Street’s research offers investment recommendations on 120+ REITs globally, and a seamless way to underwrite investments across geographies and property sectors. As a group, Green Street’s clients own and control real estate investments valued at over €1.6 trillion globally. Green Street’s Advisory Group provides strategic advice to owners and investors across all major asset classes and geographic markets.

Green Street Advisors are authorised and regulated by the FCA.

Harlyn is a specialist in probability-based investing. We create systematic investment strategies which produce superior returns over the medium term, on an absolute and risk-adjusted basis, and which typically have a smaller maximum drawdown than their benchmark. The strategies can be implemented as published or they can be used as a critique for portfolios which have been developed using other techniques. We have developed strategies for asset allocation in all major currencies, sector rotation in global or regional equity indices and US fixed income, and country selection globally and in Europe. Our clients have access to a wide range of diagnostic tools which are not included in the published research. We believe that our “sell discipline” is consistently powerful and effective. We frequently identify assets which are misbehaving before an explanation based on traditional techniques has become apparent.

Hiddensee Research unbundles access to free thinking independent investment research.

Our Affiliate Research Platform is a marketplace for independent research, where the reports are sold on a pay-as-you-go basis or by subscribing to an individual analyst; this allows clients to ‘follow the talent’ and ‘cherry pick’ the individual reports they need and value.

Our Bespoke Research Service offers exclusive due-diligence and market insight tailored to a client’s exact requirements, ranging from fast-turnaround quick views to deep-dive reports.

Our team of research analysts are a constellation of freelance individuals, who enjoy the intellectual freedom to write sharp verdicts on a particular company, sector or theme; they include several No. 1 Extel rated analysts.

Independent research is the core principle of our business. Hiddensee does not offer corporate advisory work, any execution services or publish corporately sponsored research.

IDMidCaps was established in 2000 and is the French Leader in Independent Research on small and mid cap firms. Our business model is based on the sale of our service to institutional clients. This business model prevents us from any conflict of interest and our research is totally independent. We do not get any payment from the companies we analyze. Our product is aimed at institutional clients: asset management companies, brokers, venture capital companies, M&A bureaus. Via the website, our customers have access to an easy to use platform offering company profiles, news, fundamental financial analysis, historical data and forecast earnings, as well as peer groups and screening tools. We provide unbiased analysis through disciplined processes in compliance with laws and ethics. The research is produced by competent analysts with skill, care and integrity and it reflects the opinion of the author.

The Idea Driven Equities Analyses company (“the IDEA!”) is an employee-owned research boutique that was founded in 2007. The company provides idea-driven and bespoke research on the Dutch market to a restricted group of investment professionals. Because of it’s focus, the company has the same priority as it’s clients: good ideas that bring performance. The IDEA! refrains from any corporate business in order to guarantee it’s independent voice. The combination of independent research, in-depth knowledge of the Dutch market and entrepreneurial spirit make the IDEA! an ideal sparring partner when investing in the Netherlands.

Independent Minds is an independent research house specialising in European equities, with an emphasis on the Benelux. Our ideas are usually long term and often contrarian, and over the last decade they have collectively outperformed the benchmark significantly. The way we conduct our research has evolved over recent years to a role best described as sub-contract buy side, with quite a bit of time spent on special projects for clients or on governance issues. Our clients today pay by fees or CSAs. The company is regulated by the FCA, is incorporated in the UK, and also has a presence in the Netherlands.

Independent Strategy adds value to its clients by seeking out investment themes and opportunities, often challenging conventional wisdom. Independent Strategy means just that. Our research is based on a thoroughly objective view of the world as it is, not as some might like it to be seen. The characteristics of the research are independence of thought and a determination to focus only on money making ideas. This results in a totally fresh and original approach compared with the overwhelming volume of reports by brokerage houses.

Insight is the first sell side boutique dedicated to Global Infrastructure equity research. We leverage extensive equity research experience, industry knowledge and strong corporate relationships to produce differentiated independent research and provide new insights on stocks and the industry to global institutional investors. We provide clients with timely, concise and in depth reports based on detailed company and industry models. Our primary objective is quality of product and strictly limiting maintenance research allows us to focus in-depth on topics neglected by the market associated with a significant mis-pricing of shares. Coverage includes eighteen individual stocks across the Infrastructure sector in Europe and South America as of October 2016. We plan to expand our global coverage in a sector almost exclusively covered by regional analysts.

Integer Advisors is a leading investment research firm focused on European asset finance markets. We deliver independent thought leadership in loan markets ranging from mortgages and consumer credit to large- and small-cap corporate loans, specialising in securitized and other alternative capital market opportunities.

The firm was founded in 2017 by two fixed income market veterans, with each bringing 20+ years of structured finance experience to the research platform. Integer Advisors is authorised by the Financial Conduct Authority.

Invescafe is Russia's first independent investment research firm, providing straightforward and topical analysis of the stock market and the economy. We offer coverage of companies representing all sectors of the economy irrespective of their market capitalization. Investcafe's customer base is made up of individual investors, whom we reach through our clients - Russia's largest retail brokers, major research aggregators and news terminals and through our website, which is among the most popular specialized investment research websites in Russia. Our analysts regularly appear in printed, digital and broadcast media and Investcafe is in the top-5 most quoted financial organizations in Russia.

iRes aims to add value to its institutional clients by providing thematic research and investment ideas. iRes combines in-depth political, macro, sector and equity analysis under a holistic approach to deliver executable investment decisions. Having Turkey as the primary focus, the firm also provides broad emerging markets strategies as well as investment assessments on client-specific areas on an exclusive basis. iRes has no direct or indirect connection with any brokerage firm, corporation, or government body. iRes is not a regulated entity.

Libra Investment Services operates an equity valuation and market timing process called Apollo. The system uses PE, PS, PEbitda, PCF and PBV as proxies for what the market 'knows' about a stock, thus determining what is driving value, where current and medium term value is, to what extent risk is being priced in and, ultimately, a Graham and Dodd style Margin of Safety analysis. Aggregating bottom up information to determine the same value and risk metrics for sectors and indices, Apollo generates ideas from a universe of 6,000 stocks globally, providing a highly visual representation of risk and reward.

Longview Economics is an independent macroeconomic research boutique. We provide three distinct yet related groups of research products: i) Trading Recommendations; ii) Investment Recommendations; and iii) Global Macro Analysis. Longview was founded in 2003 by Chris Watling (CEO & Chief Market Strategist) and over the last decade Longview has developed a diverse client base that includes: Financial Institutions; Hedge Funds; Fund of Funds Managers; Private Banks; Private Wealth Managers; Family Offices; and Asset Managers.

Lucror Analytics is an independent credit research provider focusing on European and Asian corporate high yield markets. Lucror was established in September 2010 in Singapore by experienced market professionals and has since been entrusted as a reliable research partner by some of the largest and most reputable participants in the high yield segment. Our institutional clients include asset managers, family offices, hedge funds, investment and private banks who recognize the value and distinct advantage that independent credit research instils in their investment and risk management decisions.

Since 2012, top tier global Hedge, Pension, Investment and Insurance Fund managers, as well as corporates and private individuals, have benefited from Macro Thoughts’ proven insight, market commentary, hedging and investment strategies to leverage opportunities, with positive returns on over 75% of strategies, producing double-digit returns for our clients over consecutive years.

Macro Thoughts is independently researched and draws on extensive macroeconomic and market experience gained in Fixed Income, Futures, Derivatives, Bond, Forex, Commodity and Equity Index markets and strong Global Macro investment, risk taking and strategy backgrounds. Far-reaching product knowledge across asset classes enables us to consider hedging and investment strategies that reflect our expected market trends. Macro Thoughts is directed by Keith Grindlay, whose experience spans, somewhat uniquely, both the buy and sell side, having managed trading and investment desks at top tier institutions, ensuring all strategies are evaluated for risk/reward and the optimal instrument(s) for best leveraging the strategy suggested are employed.

Globally recognised for strong analytical skills, aligned with a particular aptitude for anticipating global economic events ahead of the majority of commentators, Macro Thoughts’ independent fundamental economic research and analysis and resultant strategies have a track record that assures exceptional results, with a service that surpasses the model of bank-supplied, partisan research and stands out from the general contributions on platforms that your clients and peers already have access to. The support and value offered by Macro Thoughts, delivering written research and analysis, presentations and consulting services, is backed by decades of macroeconomic and market experience and can be tailored to your specific requirements.

Macro Thoughts has been featured on websites such as Nutmeg.co.uk and The Society of Technical Analysts. Macro Thoughts has also been asked to contribute to several market commentaries, including Albourne Village, Reuters, Hedgeweek, Nutmeg, STA, Wealth Adviser, Gencom, and Livesquawk.

Member of the Royal Economic Society and Euro IRP, The European Association of Independent Research Providers.

Management Joint Trust is a Geneva based financial consultancy firm offering high value added financial graphics platforms to institutional and private investors. It was founded in 1969 by Edouard Owczarczak, a HBS Graduate, former Allied member of the NYSE and lecturer on financial markets for 20 years at the University of Geneva. Its traditional “Decider” institutional platform, on-line since 1984, provides Trend analysis, Targets calculation and Timing anticipation to asset managers and traders (global coverage, multi year to intraday). Its FinGraphs platform aimed at a wider audience delivers a simple methodology to monitor market trends, targets and market stress points.

Manalo Advisors provides independent event driven research and advice to hedge fund managers and institutional investors on definitive and pre-announced mergers & acquisitions (M&A) transactions, as well as special situations surrounding non-M&A corporate events. With decades of experience in risk arbitrage and investment banking, we specialise in providing event driven research and advisory services on European risk arbitrage and special situations. Our subscription-based research service covers select M&A deals from every angle, with a particular focus on identifying and analysing the key upside and downside risks to a particular transaction.

MDB insights builds reports, research and analysis products based on the anonymised data collected by a UK consumer personal financial management tool, www.moneydashboard.com. These products provide a live view onto the spending behaviour of the UK consumer. We can provide market and merchant-specific information on basket size, market penetration, customer returns, promiscuity between brands and many other unique insights, for a variety of quoted equities.

Medley Global Advisors provides policy intelligence to institutional investors globally. Our locally based analysts interact with policy makers across all layers of central banks, governments, and supranational organizations. We have three teams covering G7 macro-policy, Emerging Markets, and Energy, where we combine written analysis with regular interaction with our analysts, and macro strategists who have decades of experience working in global financial markets. By identifying upcoming policy changes that are not priced by the market, we help our clients anticipate trigger points that create market moving opportunities. We are independent, and due to our global network we have an excellent understanding of the interplay between policy makers, financial markets, and the real economy on a global scale, which is so critical in the world of investing today.

The Messels approach to equity research consists of the study of market price action (technical analysis). We are able to explore and visualise relative momentum and the evolution of trends in sentiment on behalf of our clients.

Morningstar is a provider of independent equity, credit and fund investment research in Europe, North America, Australia, and Asia. Morningstar Equity Research team has the scale of a sell-side firm, both in terms of analysts (100 globally) as well as breadth of coverage (1400 companies across all sectors). Morningstar provides a unique equity research approach, with a focus on a long time horizon and aimed at identifying companies’ sustainable competitive advantages (economic moats) in order to determine the intrinsic value of a company. This approach is consistently applied across our entire coverage, and it’s proven to outperform in the long term. With this consistent focus on economic moats and intrinsic value applied across the global coverage universe, Morningstar’s equity research team offers institutional investors a truly differentiated research product.

MRB - The Macro Research Board is a privately-owned independent research firm providing integrated, global, multi-asset investment strategy as well as actionable, absolute-return ideas. Our views incorporate a long-term outlook based on in-depth theme research, together with rigorous forecasting models and indicators that drive 6-12 month asset market performance. MRB’s team of analysts and strategists leverage the firm’s robust research engine and their extensive experience to ensure that investment strategy is developed and articulated in an integrated, coherent and client-friendly manner. MRB is dedicated to producing high-quality research and being responsive to the needs of our clients.

Nau Securities Limited is authorised and regulated by the Financial Conduct Authority. We are an independent, research-led firm with a focus on companies trading on the BM&F Bovespa and other Latin American stock exchanges. Our overriding objective as a firm is to help our clients to make informed, timely and ultimately profitable investment decisions. We are passionate about discovering investment opportunities for our customers and seek to meet their varied advisory service requirements by providing fundamental investment research on Latin American firms across five areas of the market, namely:

Banks
Conglomerates
Consumer
Infrastructure
Technology, Media & Telecommunications

We do not apply the firm’s capital to the stocks and investments that we recommend to our customers, so our success as a commercial enterprise is therefore dependent on our ability to add value to our customers through the quality of our advice and research. We believe that our customer orientated business model and the fact that our staff are shareholders, results in a natural alignment of interests with our clients; which in-turn represents the foundation of our independence as a firm.

Ned Davis Research helps investment management professionals make better decisions with unbiased, insightful and risk-appropriate quantitative indicators, strategy and analysis across asset classes. Founded in 1980 by Ned Davis, a noted market historian, NDR employs a unique 360° approach combining both fundamental and technical analysis. NDR also undertakes quantitative custom research projects for its clients. It has offices in Venice (US), Atlanta, Boston, London (UK), and San Francisco.

New Street Research LLP is an independent research firm, specialising in producing equity and debt research in the pan European telecom services and cable sectors and the Healthcare sector. We offer a fresh approach to research. Our work is independent and conflict free, idea driven, and firmly focused on fundamentals and valuation. We produce no maintenance research, writing only when we think we can add value. Our principal aim is to assist our clients' investment decision making process. We have no business activities that conflict with our promise of independent research.

Nippon Investment Bespoke Research UK Ltd, as the name suggests, primarily provides tailor-made, bespoke research on Japanese companies listed on Japan’s exchanges. We specialise in solely “pull” services and write research reports on requests from fund managers.

Omega Analysis' business is the robust engineering development of solutions to practical problems in finance backed by decades of experience in cutting edge mathematical sciences research. Our technology for risk management, trading strategy development, portfolio construction and performance analysis is based on Omega Analysis' fundamental research advances in mathematics and statistics. Omega Metrics® Market Intelligence makes Risk Cycle research available for applications ranging from early warning indicators of emerging bubbles, corrections and recoveries to trend analysis, risk management of investment portfolios and trading positions.

On Field Investment Research is the first independent, sell-side equity research boutique dedicated to Global Building Materials. Leveraging an unparalleled, combined experience of over 50 years’ analysing the sector over numerous cycles, we deliver proprietary research, analysis and advice to leading investors and industry producers and suppliers across the world. Our focus on a limited number of clients means that we maximise our time undertaking fundamental research and interacting with our extensive global database of industry contacts. The On Field research team has a reputation, established at previous major research firms, for unbiased views, its depth of data and industry knowledge and for high conviction stock recommendations and Alpha generation. All members of the research team have been consistently highly ranked over many years in independent, third party surveys of institutional investors. On Field does not offer either execution or investment banking services.

Contacts:
Yassine Touahri (Founder and Managing Partner)    Email: yassine.touahri@onfiledresearch.com    T: +44 (0)203 950 0897
Arnaud Pinatel (Managing Partner)    Email: arnaud.pinatel@onfieldresearch.com    T: +44 (0)203 950 0895
Mark Stockdale (Partner)    Email: mark.stockdale@onfieldresearch.com    T: +44 (0)203 950 0896

We are a group of highly technical Economists who recognise that uncertainty is a global problem that impedes growth. We partner with businesses (you) to carefully measure economic uncertainty and hence manage it, thus helping you understand the 'unknown', keeping your business growing rather than stalling. By doing this, we establish

demand and supply outlook amongst many other important aspects of business relevant information. We also provide 'what if' scenarios to understand the economic implications of Brexit. Our work takes advantage of technology developments by using behavioural Economics linked with data analytics to understand human tastes, reasons for purchase and changes in preferences, thereby getting your business ahead of the competition.

Orlock advisors is the publisher of Russell Napier quarterly macro-economic strategy report “Solid Ground”

The Solid Ground Quarterly Strategy Report is an analysis and commentary on the key macro-economic variables which impact asset markets. The reports focus on money and credit as key drivers of asset prices and emphasize the role of financial history in understanding how these factors will impact asset prices. The large quarterly reports are completed by biweekly update on the tactical positionings. Following each report’s distribution, an opportunity is provided to all recipients to join a general conference call with Russell to discuss its contents.

Pantheon Macroeconomics aims to be the premier provider of unbiased, independent, timely economic intelligence to financial market professionals around the world. Our award-winning economists focus on the United States, the Eurozone, Asia, the U.K. and Latin America and we draw on long experience to forecast the impact of global economic and market developments. Our daily publications and reactions to market data provide actionable analysis. We write for non-economists in an accessible, jargon-free style. Our analysis is clear and objective, and clients appreciate our candor, rigor and willingness to take non-consensus views when our analysis leads us away from the herd.

Providentia Advisory Services provides specialist global tactical asset allocation (GTAA) input to institutional investors, private banks, family offices and fund of hedge funds. This service harnesses the GTAA research at Providentia Capital to assist in the process of allocating across global markets, portfolio construction and currency overlays. In addition to regular meetings for bespoke asset allocation, a suite of easy to use GTAA models is available through our secure website, so as to enable clients to determine how changing relationships between markets affects the risk and return of their portfolios. We serve a select number of clients at any time so as to provide a high level of customised service.

Radios is a global provider of advanced equity valuation analytics and software for investment managers, research analysts, corporate finance and corporate development professionals. With its ValueSimulator™ software suite Radios enables investment professionals to conduct all financial analysis within a single integrated framework while using existing data feeds from ThomsonReuters, Factset and Bloomberg or proprietary excel spreadsheets. Based in London and Frankfurt a team of senior finance, equity research and information technology professionals designs state-of-the-art technologies based on an ongoing research involving leading theorists and capital markets experts.

We constantly scan the European High Yield market for attractive opportunities and continuously cover those with deep fundamental analysis, which we share and debate with our members only. The service is very interactive and we do not charge per call.

Our aims are:
1) to provide our members an independent pool of specific investment ideas,
2) to provide a well rounded, independent opinion on substantially the biggest opportunities in the market,
3) to materially reduce members' time allocation to such names before deciding whether to invest analyst days, monitor for a while, or drop them.

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Seven Days Ahead sells trading technical and fundamental trading information to banks, hedge funds and the wider community of expert private investors around the world. Our subscription-based publications cover all major FX markets, bonds, currencies, commodities and stock indices worldwide. Authorised and regulated by the UK's FSA we pride ourselves on independence and rigour derived from our analysts' many years trading experience.

Founded in 2004, Spread Research is one of Europe's Top 5 Independent Credit Research Providers (Credit Magazine Award). Covering over 200 High Yield corporate bond issuers, Spread Research’ s experienced analyst team is dedicated to providing independent credit research on European High Yield & Convertible as well as an increasing number of Emerging Market HY Corporate bond issuers (mainly sub-investment grade). Spread Research is known for producing positive results for its clients thanks to its model portfolios, investment recommendations and trade ideas. Our clients are mainly Buy-side investors based in the UK, Continental Europe and the USA.

Stockcube is one of the world’s leading providers of independent financial research. Our analytical services have been used by institutional and private clients for over forty years and cover all investment classes including stocks, bonds, mutual funds, currencies and commodities. We bring together a broad range of analytical and technical disciplines. Our indicators and techniques are recognised as industry standard and used by investors across the globe.

TS Lombard is a globally renowned independent research provider with a formidable track record of over 30 years in providing actionable investment ideas driven by unique understanding of economics, politics and markets. Our economic and political analysis drives our asset allocation recommendations which are both strategic and tactical. We also provide thematic equity calls through TS Lombard Research Partners. TS Lombard was formed through the merger of Lombard Street Research and Trusted Sources in August 2016. The merger has brought together two of the leading, and longest established, IRPs to create a unique offering combining best-in-breed macroeconomic forecasting and political and policy analysis. The group has a team of 25 analysts and strategists across offices in London, New York, Hong Kong, Beijing, Sao Paulo and New Delhi.

WaveTrack International provides concise and specific updates on market trends and measured price amplitudes throughout varying interdependent time-intervals. We specialise in using a deterministic methodology known as the Elliott Wave Principle (EWP) to assess directional price movements within the product areas of stock indices, currencies, fixed income and certain main-stream commodities. We also conduct on-demand analysis for individual equities. The predictive qualities of the EWP are combined with our proprietary ‘ratio & proportion’ studies, assessment of positive/negative correlations and cycle analysis that builds from our database of over 300 years of price history. Clients include Asset Management Corporations, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals. Our Institutional programme includes access to the EW-Forecast database with log-in/password, the monthly EW-Navigator, ‘The Week Ahead’ reports and direct connection to our analysts/strategists using the ‘Live Update Forum’.

We are a global leader in commercial intelligence for the natural resources sector, empowering clients to make better strategic decisions, by providing objective and independent analysis and advise on assets, companies and markets. Our dedicated oil, gas, power, renewables, chemicals, metals and mining sectors teams are located globally and deliver objective research and consulting projects based on our assessment and valuation of thousands of assets, companies and economic indicators such as market supply, demand and price trends.

xyandZee provides independent investment research covering the global equity income sphere - dividends paid and cash spent on share buybacks - from both a top-down thematic perspective and bottom-up individual company approach. We believe that far too much attention is paid to share price movements when, over the longer-term, it has been proven that returns have been provided by dividends, dividend growth and inflation. The notion of a reinvested and compounding dividend stream seems lost to many, and that’s a real shame.