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Analyst, Public Equities

1 month ago


Madison, United States State of Wisconsin Investment Board Full time

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $145 billion of assets of the Wisconsin Retirement System (WRS), the State Investment Fund and other funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. We are the 9th largest public pension fund in the U.S. and the 25 th largest public or private pension fund in the world. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB. Serving more than 663,00 teachers, public safety, and other pension participants, SWIB is a mission-driven organization. For public employees and the 1,500 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS. SWIB provides a strong, steady economic pillar for the state of Wisconsin by growing the trust funds under its management, managing risk, and optimizing costs of the long term. We are a mission-driven organization and the participants we serve are our mission. By bringing a disciplined, prudent, and innovative approach to market opportunities, SWIB has been successful in generating required returns and maintaining the trust of the beneficiaries and stakeholders of the funds we oversee. Home To Top Talent Our high-performing staff is key to what makes us a premier investment manager. SWIB is committed to investing in talented professionals to implement our robust, sophisticated investment strategies and to keep the organization at the forefront of the investment industry. We encourage innovation and offer professional development opportunities to help staff sharpen and expand their skills. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders. About the Team The Public Equities division consists of 13 people that run up to $12bn in AUM for SWIB. The division currently produces two portfolios – a small cap domestic portfolio and global portfolio. The position to be filled is with the global portfolio. The global portfolio is a concentrated portfolio of 50-70 stocks, and all positions are driven by a stock selection process that is grounded in a fundamental assessment of the underlying business models’ risks and opportunities overlaid with an appropriate valuation framework. Analysts/Portfolio Managers generally work in a specific sector identifying best opportunities within that sector and present their recommendations to the investment team. Investment professionals interact with outside analysts and experts, meet with management teams, attend conferences and make on-site visits as part of our research process. Our portfolio construction process blends these insights with risk and alpha factor sensitivities to create portfolios that produce alpha in a consistent risk efficient manner over time. SWIB’s capital efficiency deployment allows for leverage, and for each long position an appropriate sector-simulating short position may also be established. Every recommendation requires a general discussion among team members to review and challenge the investment thesis. The intent of this review is to ensure that potentially correlated developments and their impacts have been considered and the risks to the investment have been fully appreciated. Position Overview The successful candidate will work closely with other equity team members, collaborating on investment ideas, industry information, impact of macro developments, etc. The successful candidate will primarily function as an equity research analyst but will also assist in managing the global equity portfolio. Team members are organized by industry/vertical and are expected to drive buy/sell decisions utilizing a fundamental, bottom-up approach to security selection. As a member of the team, the candidate will be responsible for contributing to and fostering a collaborative team culture. The ideal candidate will use judgement and experience to make portfolio decisions and generate new ideas while working collaboratively with research and portfolio management colleagues across SWIB to formulate and underpin security selection and portfolio positioning recommendations. The candidate should be comfortable making portfolio decisions and stock recommendations based on fundamental analysis, formed investment rational, as well as peer review in assessing specific stock recommendations. Act within guidelines to implement investment decisions in the defined asset class to deliver net positive investment performance. Make high conviction recommendations which have high active share, driven by idiosyncratic risk. Foster a strong collaborative culture within the Global Equity team and across SWIB. Analyze market conditions and understand the investment environment in order to develop informed and measured investment opinions. Select investments based on fundamental research, including business model assessment, valuation analysis and industry assessment. Provide written and oral research reports and updates on recommendations, industries, and developments relevant to the portfolio positions. The portfolio will be “style agnostic” and primarily “best ideas” vehicles necessitating individuals with style neutral approach. The ideal candidate: At least two years of experience in equity research focused on smid/mid/large cap equity strategies, with a preference on range of experience between two and ten years. Proven track record of strong, risk-adjusted investment performance and evidence of delivering research and/or investment ideas that contribute to superior, risk adjusted results. Skill set including fundamental business model and financial statement analysis and ability to form and succinctly articulate investment thesis. Able to establish priorities, use independent judgment and make reasoned investment decisions. Great teamwork, collaboration and stakeholder management skills across the team and the wider SWIB organization. Well-developed problem solving, decision making and communication skills. Energetic and forward thinking with high ethical standards and truly professional approach. Bachelor’s degree required; Master’s degree and CFA strongly preferred. Superb work ethic, attention to detail, team orientation, and commitment to excellence. SWIB Offers: Competitive total cash compensation, based on AON (formerly McLagan) industry benchmarks Educational and training opportunities Challenging work in a professional environment Hybrid work environment The position requires U.S. work authorization. Pursuant to our Hybrid Remote Work Policy, all staff have the flexibility to work remotely, but are required to have a weekly presence in our offices, the frequency of which is dependent on their distance from office. Staff are not required to reside locally; however, we offer relocation reimbursement to the Dane County area per our policy. All SWIB employees are subject to SWIB’s Ethics Policy and Personal Trade Approvals Policy.These policies include restrictions on outside business activities and employment and have limits on personal trading. You may request copies of these policies from SWIB’s talent acquisition team and any questions can be answered by SWIB’s compliance team. #J-18808-Ljbffr