Independent equity research: How we do it, and why it matters to investors

| October 3, 2016

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At Putnam, we approach equity research as a process of focusing on what matters. For a given security, there can be hundreds of signs to read; but many of them may be side notes and distractions, while only a handful may be the key drivers of value creation. Our job as analysts is to boil down the complexity and identify those inputs that are most critical, to assess proactively and creatively the likelihood of divergences against consensus views, and to articulate a thesis that can have a positive impact on our clients’ portfolios. Putting this mission into action successfully takes a lot of talent — both in the analysts we have cultivated internally and those we have attracted from outside the firm. And most importantly, it requires a culture that prizes analyst autonomy, but which also thrives on collaborative partnerships, supportive teamwork, and active debate. In this environment, we pursue our common goal of delivering the greatest possible value to our clients.

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LightBay Capital

Investing in all market environments to accelerate the growth of quality businesses. LightBay Capital is a Los Angeles-based private equity firm that applies a flexible capital approach to middle market investing. The firm invests across the capital structure, tailoring investment solutions to meet the needs of management and shareholders.

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Spotlight

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Investing in all market environments to accelerate the growth of quality businesses. LightBay Capital is a Los Angeles-based private equity firm that applies a flexible capital approach to middle market investing. The firm invests across the capital structure, tailoring investment solutions to meet the needs of management and shareholders.

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