Institutional Research

Sam’s 25 years of experience in financial markets and investment research alongside his extensive research process allows him to provide the highest quality and a broad range of services to Mill Street Research’s clients.

Mill Street Research publishes a series of monthly reports for institutional investors which provide updates on all of the indicators and strategy views, with a strong emphasis on historical analysis, graphical tools and current market conditions. Additional reports are published as warranted by market conditions, client interest and product development. We also provide customized work and special research projects for clients.

The Mill Street Research Product Suite encompasses a broad set of rigorous and transparent models, indicators, and commentary for institutional investors including:

Selection Tools

Mill Street offers clients a robust, comprehensive stock selection tool based on earnings revisions. The primary model is called the Monitor of Analysts’ Earnings Revisions (MAER). The product is both a graphical tool for analyzing trends in analyst sentiment alongside prices and valuations, and a ranking model based on six key factors. Updated monthly, MAER covers a comprehensive global universe of approximately 6000 stocks.

Asset Allocation

Our asset allocation indicators are designed to help gauge the degree to which the market environment is supportive of equities and other higher-risk assets relative to bonds and other lower-risk assets. It includes tactical indicators and longer-term valuation-based indicators. We also provide cyclical indicators for allocation between small-cap and large-cap equities, and highlight key economic trends that impact markets and policy activity.

Selection Tools

For clients who want to dig deeper into equities, Mill Street offers US and Global industry selection tools. By aggregating the stock-level MAER indicators to the industry and sector level, we can readily identify areas within the equity markets that have strong tailwinds or headwinds based on trends in analyst sentiment, valuation and price action. Like MAER, the sector and industry analysis is global in scope based on the universe of 6000+ equities.

Regional & Country

Mill Street’s asset allocation tools also include regional and country selection indicators that incorporate both topdown and bottom-up inputs. They include a set of aggregated bottom-up indicators of estimate revisions, valuations and price trends for major regions and countries, as well as broader regional indicators and recommendations that include macro inputs targeted for asset allocation teams.

Mill Street publishes the following list of reports on a regular basis for institutional clients:

Best Ideas Report

A monthly summary of earnings estimate revisions trends for the broad US market as well as sectors. It highlights the 40 top-ranked and 40 bottom-ranked stocks from the Russell 1000 universe based on the proprietary MAER composite ranking model and includes MAER charts for each stock. Chartbooks and data files accompany the report and can be produced for almost any equity universe.

Sector Strategy

A monthly update of sector and industry rankings and trends, including data and commentary on trends in aggregated bottom-up consensus fundamentals across industries and sectors.

Portfolio Strategy

A monthly review of the key asset allocation models with views on the tactical (3-6 month) outlook for equities, stock/bond relative valuations, small-cap/large-cap allocation, and key macroeconomic and earnings trends. Charts for all of the allocation model indicators are included.

Regional & Country Allocation Report

A monthly analysis of regional equity allocation, supported by an analytical framework that combines top-down and bottom-up analysis alongside aggregated earnings, price and valuation indicators for major regions and countries.

Factor Focus Report

A monthly overview of equity factor trends based on our purified equity factor analysis, covering Global, North America, and European equity universes. It also includes purified sector return analysis and representative buy idea lists based on a combination of our MAER ranking and current factor and sector trends for North America and Europe.

Topical Commentary, Studies and New Products

Additional reports discuss topical market trends and client questions, and introduce new models, indicators and studies.