New York – As part of Integrity Research's quarterly performance review (powered by the performance data of Investars) the outlook for the various sectors and the research firms that outperform in those sectors is a relevant data set. Here, we are less concerned with overall returns of the research providers than their rank within each sector.
We tabulate below the top ten list in each sector. Additionally, it would also seem to be an achievement to get into the top 10 in a large number of sectors, thereby demonstrating an expertise in more than one sector.
At integrity, we tend to categorize the firms that cover a small number of sectors as sector specialists. These sector specialists have a deep level of understanding in particular sectors and ought to outperform the more general research firms.
You will notice that Investars has changed its sector definitions from the previous quarter. We present the results in the below table:
Oil & Gas
Rank Company Return
1 Ladenburg Thalmann & Co 62
2 RedChip Independent 34
3 Sun Trust Robinson Humphry 28
4 Citigroup Investment Research 24
5 William Blair & Co 21
6 Roth Capital Partners 13
7 Channel Trend 12
8 Duetsche Bank 10
9 Raymonf James 9
10 AG Edwards 9
Basic Materials
Rank Company Return
1 Brean Murray, Carret & Co 41
2 DA Davidson & Co 35
3 Boenning & Scattergood 32
4 BB&T Corp 21
5 KeyBanc Capital Markets 21
6 Coppel Financial 19
7 Sterne Agee & Leech 19
8 Bank of America 17
9 Robert W Baird & Co 11
10 Longbow Research 10
Industrials
Rank Company Returns
1 Taglich Brothers 68
2 Pacific Growth Equities 56
3 WR Hambrecht 55
4 Hilliard Lyons 43
5 Fortis Securities 35
6 Stifle Nicolas 35
7 Coppel Financial 25
8 Sanders Morris Harris 23
9 Northland Securities 23
10 DA Davidson & Co 22
Consumer Goods
Rank Company Return
1 Henley & Co 207
2 Longow Research 190
3 Hilliard Lyons 160
4 Cantor Fitzgerald 38
5 Susquehanna Financial Group 38
6 Fundamental Research Corp 36
7 First Albany Capital 35
8 MVest Management 27
9 RedChip Independent 26
10 Dutton Associates 19
Healthcare
Rank Company Return
1 Punk Ziegel & Co 80
2 Ladenberg Thalmann & Co 66
3 Northland Securities 64
4 Wedbush Morgan 50
5 Fortis Securities 34
6 BWS Financial 28
7 Amercian Microchip Institute 27
8 Roth Captial Partners 27
9 First Analysis 26
10 Jefferies 20
Consumer Services
Rank Company Return
1 RedChip Visibility 61
2 RedChip Independent 48
3 Merriman Curhan Ford & Co 45
4 Needham 43
5 Barrington Research Associates 33
6 Stephens Inc 23
7 Nollenberger Capital 22
8 Soleil Securities 18
9 Morgan Keegan 18
10 Roth Capital Partners 15
Telecommunciations
Rank Company Return
1 WR Hambrecht 75
2 Jeffries 71
3 Morgan Joseph & Co 44
4 Henley & Co 42
5 FutureAlpha.com 35
6 Bear Stearns 26
7 Roth Capital Partners 18
8 Emerging Growth Equities 18
9 Sanders Morris Harris 18
10 Pacific Crest 17
Utilities
Rank Company Return
1 Pacific Growth Equities 81
2 UBS 61
3 Ladenburg Thalmann & Co 27
4 Buckingham Research Associates 22
5 MVest Management 21
6 Raymond James 21
7 Greenwich Investment Research 19
8 Independent II Research 19
9 FTN Midwest Securities 18
10 KeyBanc Capital Markets 17
Financials
Rank Company Return
1 Jefferies 394
2 Rodman & Renshaw 37
3 Soleil Securities 36
4 DA Davidson & Co 27
5 Taglich Brothers 26
6 Sanders Moriss Harris 23
7 William Blair & Co 16
8 Cohen Brothers 14
9 Sterne Agee & Leech 12
10 Pacific Growth Equities 11
Technology
Rank Company Return
1 Boenning & Scattergood 84
2 Wedbush Morgan 52
3 Rodman & Renshaw 49
4 Taglich Brothers 49
5 Miller Johson Steichen Kinnard 30
6 Avondale Partners 28
7 Sky Capital 27
8 Soleil Securities 24
9 Rochdale Securities 24
10 Standpoint Research 19
While the above tables are somewhat self explanatory, the number of firms that had more than one top ten appearance was 24. Those company that had 3 or more appearances in the top ten for each sector are listed below:
Firms that had Three or More Sectors in the Top Ten
Company (# of Sectors) - Sectors
Roth Capital Partners(4) - Oil & Gas, Healthcare, Basic Materials
Telecommunications
DA Davidson (3)- Basic Materials, Industrials, Financials
Jefferies (3)- Healthcare, Financials, Telecommunications
Ladenburg Thalmann(3)- Oil & Gas, Healthcare, Utilities
Pacific Groth Equities(3)- Industrials, Utilities, Financials
RedChip Independent(3)- Oil & Gas, Consumer Goods, Consumer Services
Sanders Morris Harris(3)- Industrials, Telecom, Financials
Soleil Securities(3)- Consumer Services, Financials, Technology
Taglich Brothers(3)- Industrials, Financials, Technology
Roth Capital Partners came out on top of the multi-sector performance, though the placement within the top 10 was not exceptional. Roth Capital Partners took 6th spot in Oil & Gas, 8th spot in healthcare, 10th spot in Consumer Services and 7h spot in Telecom.
Note: The performance data for this article comes from Investars, The formulation and tabulation is the interpretation of Integrity Research Associates.
