"Our Information Edge" - CIBC Asset Management Equity Research

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Crystal Maloney, Head of Equity Research, CIBC Asset Management

"I'm the head of equity research at CIBC and I'm leading a team of sector specialists. We have dedicated industry experts who are coming up with investment recommendations to populate across our various portfolios."

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Differentiated viewpoints

“So the way that we make money for our clients is by developing differentiated viewpoints. So we often rely on non-consensus sources of information. We'll go do a deep dive on a company's strategy. What are the key drivers of value for a company? We do scenario analysis. We look at different probabilities we assign to various outcomes and we're constantly revising our viewpoints based on new, relevant information. ”

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Out-of-the-box research

“The team does a lot of out-of-the-box research. This is how we try to gain our information edge. We do very deep due diligence on companies. So this involves data analysis, meeting with company management teams and we do a lot of site visits. We try to do them off-cycle as well so we can get unscripted access to the management and the operations teams often. Other things that we do are industry studies. We've done a few in-depth industry studies, for example, on housing market and we've done some that are cross-industries, like on autonomous and electric vehicles, where we were able to draw different conclusions for sectors including industrials and autos and technology and materials.

So a lot of implications across the team. So we're leveraging our expertise, our collective expertise. We have a lot of highly technical expertise as well on the team. Our health care analyst for example, he knows how to analyze clinical trial readouts for a biotech company. Or on the energy side, we can do a basin by basin analysis of a company. We also have proprietary information sources that we can access. So we're trying often to get an early read on signposts that we're tracking for a company to see how they're tracking versus our assumptions and the market expectations. I think the last thing is we have a very diverse team. So we have access to a variety of language skills on the team. So we can call on that from time to time, whether we want to get color on a local source if it's a South American or Asian source for example. So we do things like that to differentiate the approach that we take. ”