FPG Global Research & Strategy

FPG Global Research & Strategy provides thought leadership across the financial markets, offering valuable insights and ideas to our clients on market strategy, economics, equity, fixed income, and foreign exchange in the Americas, Europe and Asia.

FPG Research & Strategy offering includes:

Global Macro Strategy & Economics
Equity Research
Fixed Income Strategy

Global Macro Strategy & Economics

Global Macro Strategy

FPG’s Global Fixed Income and Equity strategy team delivers insightful and thought-provoking bespoke market commentary with viewpoints that span all global markets and asset classes, supplementing Fixed Income and Equity product-specific research. FPG also provides relevant and timely content to clients through regular email commentary, weekly publications, long-term macroeconomic forecasts, one-on-one meetings and speaking engagements, including the Global Macro Speaker Series.

Global Economics

Sitting within FPG Fixed Income is a devoted Economics team, focused on the U.S. and European economies. The Economists analyze monetary policy and fiscal policy developments and provide macroeconomic forecasts. The teams sit with the respective government securities traders on the trading floor and regularly discuss their views and outlook with clients from across the firm.

The U.S. Economics team is responsible for the FPG U.S. economic, Federal Reserve, Treasury financing and fiscal policy analysis and outlook. The European Economics team covers the Eurozone and the UK, with a heavy focus on the policy debate.

Equity Research

Differentiated Content – FPG differentiates its research by producing alpha creating, high conviction content which leads investment debates across our coverage universe. Our teams provide best-in-class coverage of core sectors—Consumer, Energy, Financials, Healthcare, Industrials, Materials and TMT—across our broad coverage (ranking #8 by the number of stocks covered globally and fourth in the US). Our content is known for its evidence-based foundation, using alternative data sets, web-scraping, credit card and web-traffic data as well as more traditional checks such as fieldwork, experts, panels and surveys to enhance our ability to generate alpha.

Global Coverage – The global nature of the sectors that we cover drove our strategy of having a number of Research teams and macro strategists using a Global coverage model. Examples include our Global Strategy team that covers the US, European and Asian markets from Hong Kong and our Mining team covering stocks in Latin America, The US, Canada, Europe and Australia from New York. This unique coverage structure allows us to offer our clients deeper and broader perspectives in global sectors.

The Long View – Research on all securities that FPG covers includes a “Long View”, which allows teams to flex assumptions and scenarios to assess the potential upside and downside pressure that a stock might experience over a 12 month time period. Realistic base cases, upside scenarios and downside scenarios, including stock price levels those scenarios imply are included as well as likely dates of catalysts.

Franchise Research Pieces – In addition to our core evidence based content, each analyst team is asked to write regular “Franchise Reports”, which highlight the challenges and opportunities companies face over a 2-3 year time horizon and the investment opportunities that these offer. These pieces allow analysts to focus on longer-term trends and themes, whilst helping clients to uncover longer-term value drivers for stocks. Our Franchise Picks List is a selection of our best stock ideas from our analysts based on factors including, themes that our teams find attractive, conviction levels, differentiated analysis or a favorable risk / reward.

Primary Research – FPG has made substantial investments in data and evidence based content across our global platform. Our recent “Powered by Data” initiative in the US allowed analysts to help our clients understand the ways that each of our covered sectors and companies are using data to maximize efficiency and returns. Our analyst teams are provided with broad sets of alternative and traditional data to help them forecast more accurately, call stocks more effectively and answer investor questions on an evidence based basis.

Focus Areas:

Business Services
Consumer
Energy
Financial Services
Healthcare
Industrials
Media
REITs, Gaming and Lodging
Equity Strategy
Natural Resources
Technology
Telecommunications

Fixed Income Markets & Strategy

In addition to sales, trading and capital markets capabilities, FPG Fixed Income has a leading strategy effort.

FPG’s product-focused desk strategists provide in-depth and relative-value analysis in a variety of market conditions and across the credit spectrum. The desk strategists look to add value to clients by providing relevant and timely analysis and commentary, particularly seeking early identification of market opportunities or to identify market reaction or overreaction to current developments.

Strategy is published across the following markets:

Leveraged Credit
Investment Grade Corporate Credit
Municipal Securities
Emerging Markets
Securitized Markets
Foreign Exchange

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