2025 All-America Research Team
Background
2025 marks the 54th year of the All- America Research Team and seventh year for publication of the survey’s commission-weighted results (previous years’ results were weighted by companies’ assets under management). This commission-weighted approach more accurately reflects how the buy-side values and rewards the sell-side for their research advisory services.
Selection Criteria
To select the members of the All-America Research Team, Extel solicited opinions of directors of research and investment professionals at asset management firms. We received responses from 4,430 individuals at 1,705 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.
Participants rated their top firms in each sector and then separately rated individual analysts at those firms to create two distinct rankings for each sector. A numerical score was produced by weighing each vote based on the responding firm’s US commissions and the average rating awarded. This created the US Commission-weighted Leader table rankings.
Using those scores, ranks were determined. Firms/Analysts were designated runners-up when their score came within 35 percent of the third-place scores. For the analyst rankings, individuals who switched firms after June 2nd are cited at their previous organizations. Voters must meet strict eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by the Research Operations Group.
These rankings were compiled by the Research Operations Group: Tucker Ewing, Denise Hoguet, David Racadio and Amy Tan.
