Global Investment Research

Global Investment Research is organized into four main businesses: Equity Research, Economic Research, Commodities Research and Strategy and Credit Research.

Equity Research

Equity Research, organized by geographic industry sectors, covers stocks of individual companies and researches issues affecting all companies in that industry. In addition, industry sector teams in the Americas, Europe and Asia cooperate to produce research on global themes. Equity Research is focused on the potential return of stocks based on the performance of their issuers. Equity Research sectors include:

• Communication, Media and Entertainment
• Consumer Products
• Financial Institutions
• Healthcare
• Retail
• Technology

Economic Research

Economic Research formulates macro-economic forecasts for economic activity, foreign exchange rates and interest rates, based on the globally coordinated views of its global and regional economists.

Commodities Research and Strategy

Commodities Research uses economic models to analyze supply-and-demand fundamentals and formulate price forecasts for global commodity markets. Strategy uses portfolio and quantitative analysis to formulate equity market forecasts and provide opinions on both asset and industry sector allocation. Commodities Research and Strategy teams have a presence in the Americas, Europe and Asia.

Credit Research

Credit Research assesses corporate debt of issuers in various industry sectors. Teams are divided into High Grade Credit (also called Investment Grade) and High Yield Credit. Credit Research focuses on different modes of financial and trading analysis than Equity Research in order to serve investors and must also consider the corporate documents governing the various bonds.