Equity Research Analyst

About the role

Highclere International Investors LLP is an independent, employee-owned investment manager focused on active investing in global smaller companies, including the US market. Established in 2006 and headquartered in London, the firm runs one global smaller companies strategy for institutional clients.

The business is in a period of change and rebuilding, with a compact and driven team aiming to expand the platform while staying true to its core approach: disciplined, fundamental investing from the bottom up. The firm is looking to hire an Investment Analyst to join the investment team in London.

The successful candidate will own a defined coverage area, become the in-house specialist on the businesses they track, and play a direct role in generating ideas, conducting research, contributing to investment debates, and supporting portfolio decisions. The position is office-based in London, five days per week, and includes travel to Europe and Asia for company meetings and primary research.

Responsibilities

• Lead coverage for a defined group of companies, including sourcing, researching, and tracking investment opportunities.
• Evaluate a large universe of more than 6,000 international smaller companies to surface attractive investment ideas.
• Analyse business models and carry out primary research to understand the drivers of durable profitability and long-term value creation.
• Meet with company management teams as part of the research process.
• Form, explain, and defend clear views on business quality, growth outlook, and valuation.
• Prepare concise and well-supported research notes for the investment team.
• Construct financial models to review historical performance, key drivers, and forward estimates.
• Assess valuation to judge whether a company is an attractive investment and the right time to invest.
• Take part in portfolio discussions, including buy/sell recommendations and position sizing.

Requirements

• Ideally at least two years of relevant experience in investment research.
• Strong curiosity about how businesses work and what separates strong businesses from weak ones.
• A first-principles investing mindset, with the ability to challenge assumptions, test evidence, and develop an independent view.
• Good investment judgement and strong analytical thinking.
• Excellent written and spoken communication skills.
• Confidence to hold and defend an independent opinion, along with the humility to revise it when facts change.
• Comfort operating in uncertainty and making decisions with limited information.
• Solid grasp of accounting, financial statements, and valuation.
• Desire to contribute to a small, ambitious team during a significant stage in the firm’s development.
• Advanced Excel ability; experience with financial databases and research tools is an advantage.
• Professional qualifications, or progress toward them, such as CFA, are beneficial.

Additional information

The role is based in London and requires attendance in the office five days a week. Travel will be part of the position, including trips to Europe and Asia for company meetings and primary research.

Application note

Because of the high number of applicants, the employer may not be able to respond to everyone.