Nomura claimed the top spot in Institutional Investor's 2018 All-Japan Research Team, breaking last year's tie with Mizuho Securities.
Nomura captured 32 total positions to Mizuho's 27 in the second year since II began combining votes for individual analysts to form team-based rankings. The 2018 survey attracted responses from more than 1,200 investors, representing 482 firms, which together manage approximately $1.1 trillion in Japanese equities and $9 billion in Japanese fixed income.
This year, Daiwa Securities Group moved up one place to third, SMBC Nikko Securities came in fourth, and Mitsubishi UFJ Morgan Stanley Co. rounded out the top five. J.P. Morgan tied with Citi for sixth place and for the highest ranking of a non-domestic firm.
The Nomura-Mizuho duopoly extended to the individual analyst rankings where the firms placed first and second, respectively. The third-, fourth-, and fifth-place finishers remain unchanged from last year: SMBC Nikko Securities, Daiwa Securities Group, and Mitsubishi UFJ Morgan Stanley Co.
To determine the members of Institutional Investor's 25th annual All‐Japan Research Team, we sent questionnaires to portfolio managers and analysts at institutions with major securities holdings in Japan. We received responses from more than 1,204 individuals at 482 firms that collectively manage an estimated $1.1 trillion in Japanese equities and $9 billion in Japanese fixed-income. The names of those surveyed and the institutions at which they work are kept confidential to ensure their continuing cooperation.
Previously, the Japan ranking was based only on each individual's score. For the second year, the main Leader's Table is based on each firm's team ranking: Participants are still asked to vote for individual analysts and strategists, but these votes are then combined to form a firm's team within each sector. A numerical score is produced by weighting each vote by both the respondent's applicable Japan assets under management (i.e., equities in equity sectors, fixed income in debt sectors) and the place they awarded the brokerage firm (first, second, third or fourth). Ranks are determined using these scores. Teams are designated runners‐up when their scores come within 35 percent of the third team's scores. Winners must achieve a minimum vote count.
The winning team is represented by either the individual(s) designated as team leader by the firm or by the firm name. Co-team leaders are listed alphabetically by last name. Analysts or economist/strategists who switched firms after December 15th 2017, are cited at their previous organizations.
In addition, an individual-based Leader's Table is produced to highlight the top analysts.
The 2018 All‐Japan Research Team survey produced complete results (first‐, second‐ and third‐place teams) for the 27 industry sectors and 5 macro disciplines on this year's ballot, including 2 fixed-income sectors. These results were compiled by Senior Research Editor Tucker Ewing along with Researchers Atsuko Ogino and Xiao Lu under the guidance of Managing Director Will Rowlands-Rees.