Position Description
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Team
The Public Equity team consists of 11 full-time staff. The team has two strategic objectives. Our research objective includes building fair-valuation models on about 200 Canadian and U.S. public companies, based on understanding value creation in the relevant industries. Our portfolio objective covers delivering alpha from carefully constructed portfolios. Because our portfolio mandate is an alpha mandate, we are typically focused on relative performance.
What You Will Do
Each member of the team has roles related to three activities: fundamental industry and company research, portfolio management, and project management and other tasks related to running the business of the team. The team’s portfolio mandate is an alpha or value-add mandate. Consequently, all our portfolios are focused on relative return. For this role, the incumbent should expect to spend time on research, portfolio management and on project management and operational tasks.
Research: research industry dynamics as context for the on-going fair-value analysis of 20 mid & large cap Canadian and U.S. stocks. Coverage to focus on companies with strong long-term value creation potential. Research includes:
- Assessment of individual companies against the industry context
- Building individual company valuation models, including consideration and quantification of ESG factors
- Portfolio management: Develop a business case for a concentrated high conviction portfolio along with a reasonable benchmark or short portfolio. Lead, with a Managing Director, the approval process for the portfolio. Launch and run the portfolio.
- Support, project management and operational tasks: Includes monthly and quarterly reporting, report writing, help with presentations, risk analysis, management of external service providers, supporting the Senior Managing Director and the Managing Directors with business strategy and other tasks that help facilitate the team’s primary research and portfolio objectives.
- Specific task assignments to vary with the incumbent’s experience and skills as well as those of the rest of the team.
- Build strong relationships with internal and external partners.
Industry analysis, including a thesis as to how long-term value is created in each industry.
- Assessment of individual companies against the industry context
- Building individual company valuation models, including consideration and quantification of ESG factors
- Portfolio management: Develop a business case for a concentrated high conviction portfolio along with a reasonable benchmark or short portfolio. Lead, with a Managing Director, the approval process for the portfolio. Launch and run the portfolio.
- Support, project management and operational tasks: Includes monthly and quarterly reporting, report writing, help with presentations, risk analysis, management of external service providers, supporting the Senior Managing Director and the Managing Directors with business strategy and other tasks that help facilitate the team’s primary research and portfolio objectives. Specific task assignments to vary with the incumbent’s experience and skills as well as those of the rest of the team.
- Build strong relationships with internal and external partners.
- Building individual company valuation models, including consideration and quantification of ESG factors
- Portfolio management: Develop a business case for a concentrated high conviction portfolio along with a reasonable benchmark or short portfolio. Lead, with a Managing Director, the approval process for the portfolio. Launch and run the portfolio.
- Support, project management and operational tasks: Includes monthly and quarterly reporting, report writing, help with presentations, risk analysis, management of external service providers, supporting the Senior Managing Director and the Managing Directors with business strategy and other tasks that help facilitate the team’s primary research and portfolio objectives. Specific task assignments to vary with the incumbent’s experience and skills as well as those of the rest of the team.
- Build strong relationships with internal and external partners.
Required Skill / Experience
University education in Business, Finance, Mathematics or another related field. Master’s degree or a CFA designation is an asset.
8-15 years of fundamental equity analysis, including analysis of industry attractiveness, and single stock valuation
Experience with analysis of ESG factors, experience reviewing compensation discussion & analysis disclosure
Experience engaging with senior management and boards of public companies on issues of business strategy & results, compensation, and governance
5+ years leading or co-leading a Canadian or North American equity portfolio with a performance track record. If experience is co-leading, must be able to demonstrate that they are ready to solo lead such a portfolio. Track record should demonstrate the ability to add value in different market conditions. Should be able to explain how this portfolio relates to their investment philosophy and theory of alpha generation.
Must have a philosophy and approach to equity portfolio risk management.
Must have experience working with a team
- Please provide a cover letter and brief summary of four specific points:
Summary of your experience leading or co-leading a portfolio, including size of assets managed, the number of stocks in the portfolio, the characteristics of the client, any tracking error constraints or expectations and the benchmarks for the portfolio;
Description of your current approach to measuring and managing risk in the portfolio that you lead or co-lead, including any systems or tools you use for analysis;
Overview of your view of public equity market efficiency in North America and the implications for successful public equity portfolio management, including exploitable sources of alpha;
A summary of your experience and approach to incorporating environmental, social and governance factors into company valuation, including a few specific examples.
Values, Competencies and Characteristics
HOOPP is a mission driven organization. HOOPP’s core values are: professional, compassionate, accountable, trustworthy, collaborative. HOOPP’s investment team has a strong sense of our fiduciary responsibility to safeguard the retirement security of our members. In addition to HOOPP’s core values, on the Public Equity team, we expect our team members to consistently demonstrate the following characteristics:
Creative problem solver and Results- Driven
Accountable with a will to win and a strong focus on quantifiable results
Relationship Builder and Team-Player
Strong written and verbal communication skills with both internal and external audiences.
Excellent project management skills, including the ability to reprioritize in a dynamic environment.
A sophisticated and thoughtful approach to industry analysis and the fundamental analysis of individual equities, including well-defined criteria for finding a good investment.
A philosophy of exploitable sources of alpha in developed public equity markets.
A strong approach to risk management in an equity portfolio.
