Pretty straightforward. What are the best and worst groups for moving to a value or L/S hedge fund? I know M&A is good for all types of funds (broadly speaking), & LevFin is good for credit/distressed, but mainly I'm interested in the coverage groups.
How do Healthcare, Media & Comms, and Industrials place into these funds? (Looking for broadest options, not just sector-specific funds)
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Consumer & TMT
Why TMT and Consumer? If anything, those are the industries with the most intuitive business models, so it's not that difficult for anyone to claim that they understand those industries
If anything, I would pick an industry that fewer people can understand like HC, FIG, IND
I think it’s because there’s more dispersion in hc and tmt stocks. Financial companies are tough because to be long a name you have to take a view on a number of different macro factors that are hard/impossible to completely hedge.
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RX places well for distressed or credit focused funds.
Anecdotally, I’ve seen some good L/S HF exits from HC, but agree that TMT and Consumer are probably best.
Would've never guessed lmao
No need to be sarcastic, nobody mentioned it in the thread yet. Maybe it's obvious to you, but prospects might come along and find this thread down the road and find it useful.
God forbid the prospect who thinks RX is a Health Care vertical
Go to the bank's top group unless it's FIG/natres/RE.
GS?
Why not Nat Res or RE?
^
Intern so take it w a grain of salt but I think if you did any classic group at GS or any of the top groups at Barclays it’d be great cuz you get sector and M&A experience
In no particular order - M&A, TMT, FIG and healthcare
This seems right on. Would especially echo FIG and HC reasoning
Ignore the above comment. Go to the group which offers the most breadth and insight into your areas of interest. Eg. If you go into HC you’re more than likely going to be in a pod or fund which deals with HC derivatives. M&A will filter into merger arbitrage.
Also two notes:
1) the technical modeling in M&A is completely different from HFs so no idea how that would prepare you - alpha isn’t generated by building acc/dil models.
2) I’m not a medical expert but the HC comment about analysts knowing about drug trial phases and different types of genomes is comical
That is all.
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