Credits / Investments per Analyst

New account for this one. Curious how many credits / investments you cover, ie currently invested in? What is a normal range per analyst. How does it differ per strategy? Distressed/HY/Leverage Loan/CLO/IG/equities? Also does it differ based on industry analyst vs generalist?

 
HighYieldAnalyst:

I am at a medium sized long only AM (~ 20 bln credit AUM), and I cover ~ 20-30 HY credits and ~ 30-40 IG credits across energy/power in our funds....some are higher maintenance then others...

I am an IG analyst (only HY we hold are fallen angels) with ~$22b AUM and I cover >80 credits over capital goods, transportation, etc. yes, we are understaffed.

"Give me a fucking beer", Anonymous Genius
 

Varies tremendously even within strategies.

Some deep research fundamental equities shops will have each analyst covering 4-6 ideas at a time, while some more relative value/ trading style funds will have analysts that are nearly continually invested in 30 - 50 names.

 

Sounds like you need to hire more analysts.

Let me suggest my services. I believe that my 294 banana count warrants at least an interview ;-)

Seriously though, I actively cover about 50 credits across HY and IG- probably 75-100 names are on my watch list (which is way too much)

"Sounds to me like you guys a couple of bookies."
 

Im throwing my hat in the ring here, but as mentioned previously, this depends on strategy. I have 25-30 positions + a handful of ideas (ideas are taking a backseat in this market though).

I am also curious to those who cover 50+ names, how much work do you do on each? Is this more of a qualitative understanding or are you modelling / going in the weeds on every name?

I am only asking because my team is a sweatshop and given the amount of work I do on each name and the amount time I spend in front of a computer, I would not know what to do with myself with 3x the companies.

 

Similar boat. I build out waterfalls + cash flow models to understand sensitivities for most of my stuff but I do not build and maintain full three statement models. I trade my stuff too so really do not have the time/desire to build out a full model on a name when I can get 80% of the value from 20% of work by doing back of the envelope type work. Of course, the more hair the more modelling is required but I focus most of my time on the BB - B rated universe.

 
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