Expanding coverage universe at generalist SM
Being recruited for a L/S SM to cover an industry that I don't want to want to exclusively focus on for the long term. I understand that's the current need and that's what I will focus on in the near term, but how commonplace is it for people to expand into other sectors once they're in the door and have proved themselves? Say, I'm being recruited to cover REITs, but long term, I want to expand my coverage universe to REITs/industrials/financials. And there are other analysts at the firm that cover several sectors. Obviously this depends on the founder/PM, but is it generally possible? Or do PMs want you to stay in your lane? TIA.
Based on the most helpful WSO content, it's not uncommon for analysts to expand their coverage to other sectors over time. However, this largely depends on the needs of the firm and the discretion of the portfolio manager.
Initially, you might be required to focus on the industry you're being recruited for, in your case, REITs. This is because you need to establish your expertise and prove your value in that particular sector.
Once you've demonstrated your skills and knowledge, and depending on the firm's needs, you may have the opportunity to broaden your focus area. This could include expanding to cover industrials and financials, as you mentioned.
However, it's important to note that this isn't a guarantee. Some portfolio managers might prefer you to specialize in one area to maintain depth of knowledge and expertise.
In conclusion, while it's generally possible to expand your coverage, it largely depends on the firm's needs and the portfolio manager's preferences. It's always a good idea to discuss your long-term career goals during the recruitment process to ensure they align with the firm's expectations.
Sources: Observations of an Equity Research Associate, Some Observations from an MD, I was in Equities Research for 10 years in Asia – Ask Me Anything, Long term, concentrated, deep fundamental investing
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