We hear a lot about Capital, Wellington, D&C, TRP, Fidelity, Harris, etc. What are some other long only funds that are also well regarded / solid places to work but not talked about on this forum as much?
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Vanguard. Work life balance from what I hear is amazing, pay is shit though.
Jupiter, Jennison, Baron, Aegon, Lord Abbett, Sands
Thanks! Is Lord Abbett strong in equities?
the global/international fund returns are strong but I primarily know them as a fixed income shop/competitor
Primecap, Counterpoint, Janus, Artisan - wide range of quality :) With Artisan, because they operate with the autonomous "boutique" structure, some teams are better than others.
Great answers, thank you - which teams at Artisan are stronger / weaker?
Have heard good things about the growth team (based out of Milwaukee) and the dedicated non-US small-mid franchise.
Within fixed income, the HY team (Denver) is excellent.
Of course, the international value team led by Samra (NY and SF) is excellent. Analyst there work really really hard though, I think, willingly :)
What are your views on counterpoint?
Also followup question - are there many other funds within bulge bracket AM divisions that have strong reps like Counterpoint? I generally hear pretty negative things about BB AM
Honestly, don't know a great deal about them, have just heard they are ok. A couple of years ago the AUM was $100Bish, I think. Please take this with a grain of salt (have never interacted with them personally).
And of course, Mauboussin works there :)
My votes would be Artisan, MFS, and Putnam.
Artisan - Great pay, good culture depending on team, and really smart investors. Not much more to say than what's been covered.
MFS - Arguably the most underrated as they invented the Mutual Fund. Headline AUM is lower than Wellington, but they have very similar economics as they are also privately owned. MFS equities AUM is in-line with Wellington (~500bn vs. 550bn) and part of Wellington is not pure LO, they have L/S strategies as well. Wellington dwarfs MFS in fixed income. Also, heard MFS has insane culture, but low RA promo rate.
Putnam- Extremely past is prime, but still a good place to be as a junior. Would not peg my career here as an analyst though. Putnam is more growth oriented and has L/S funds and can work across multiple sectors. Have heard rougher things about culture compared to others.
A lot of misconceptions on MFS here. Culture is very snaky and political even at junior levels. RAs are pretty clueless on basic finance concepts. A bunch of analysts and PMs started in marketing or mailroom there. It’s amazing that LPs have let them charge 1% mgmt fees. “We’re long term investors” seems like another way of saying never judge us on our performance until I retire.
I don't work at the firm, but everything I said are anecdotes from current and former RAs and Analysts.
I also don't see how a person could possibly interpret a bunch of analysts and PMs starting at the absolute bottom and rising to the top as a bad thing. One, it shows that the firm can develop and cultivate talent and promote from within and has a good enough culture that people don't want to leave. If you can turn your nose up at someone starting from the bottom, and rising all the way to the top, then you're all that's wrong with cultures on wall street. Obviously they're doing something right since they can grow AUM and charge above average industry fees. Tom Brady was a back up that didn't play at Michigan, 6th round draft pick, and 4th QB on the Patriots depth chart. Don't judge someone from where they started. They're probably significantly more impressive than the legacy ivy admit, 2+2+M7 MBA analyst
Alger, First Eagle, Pzena, Clearbridge, Causeway, Parnassus
Could you share more about First Eagle, Pzena, or Clearbridge? Thanks!
Adage and TCI (this is a long-only despite what people say).
In what world are these “lesser-known”?
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