Emerald Asset Management

Emerald Asset Management is a multi-billion dollar asset management firm providing growth-oriented and income-producing portfolios for institutions and individuals. Emerald also provides investors with fixed income separate account strategies using a combination of proprietary quantitative models and fundamental analysis. The company is listed by Pensions & Investments as one of the largest money managers in the United States, ranked by institutional tax-exempt assets.


1. Review SEC filings, press releases and news stories.

The process includes monitoring relevant media sources such as industry press, financial press and popular press.

2. Meet with management.

The Emerald Team conducts approximately 2,000 meetings per year on-site at the company, or off-site at conferences, trade shows or other locations.

3. Interview customers.

Interview customers to determine the critical factors driving their buy decision, what competitors or alternatives were considered, level of satisfaction with the quality of the product or service, and likelihood of generating repeat business.

4. Interview competitors.

Interview competitors to determine their strengths and weaknesses, as well the competitors' perception of the strengths and weaknesses of the company.

5. Interview suppliers.

Interview suppliers to determine their ability to supply the products/services required by the company. Also, assess the extent of potential supply chain bottlenecks.

6. Interview distributors.

Interview distributors to determine potential issues and opportunities in the company's distribution channel such as inventory levels, demand drivers and competitive pressures.

7. Develop financial and valuation models.

Develop a financial model to analyze financial performance and estimate future cash flows, earnings and financing needs. Use a valuation model to analyze relative and absolute valuation.

8. Review third party research.

Review published research from sell‐side analysts and industry research firms to compare our data points and financial estimates. Also, use third party research to assess security-specific and industry‐specific sentiment.

9. Publish an internal research report.

Publish an internal research report summarizing the company's business, competitive advantages, management strengths/weaknesses, growth drivers and risks, as well as stating investment conclusions and recommendations.

10. Communicate.

The entire research team meets formally once a week and informally on an ongoing basis with the portfolio management team to discuss the fundamentals of all current and potential holdings. Internal discussions are held throughout the process.