Eleven desks
Sectors
Each desk is three analysts who study the discipline underneath the sector, three to five companies they follow all term, and one note every third week.
Energy & Utilities
Oil and gas, power generation, grid operators and the renewables build-out.
Materials, Mining & Infrastructure
Metals, mining, refining capacity, construction and infrastructure build-out.
Chemicals
Commodity and specialty chemicals, fertilisers and feedstock spreads.
Industrials, Capital Goods & Transport
Machinery, automation, factory equipment, shipping, rail and logistics.
Technology & Semiconductors
Fabs, advanced packaging, export controls and data-centre hardware.
Healthcare Services & Medical Equipment
The companies that deliver healthcare rather than develop drugs: hospitals, providers, medical devices, diagnostics and healthcare spending.
Pharmaceuticals, Biotech & Life Sciences
The companies developing drugs, therapies and biological technologies: pipelines, clinical trials, biologics, gene therapies and regulatory approvals.
Financials & Banks
Bank earnings, lending growth, credit quality and deposit costs.
Aerospace & Defence
Aircraft delivery rates, defence budgets and engine supply chains.
Macro, Rates & FX
Central bank decisions, the yield curve, currency moves and inflation.
Consumer, Retail & Luxury
Pricing power, inventory turns, and aspirational versus staple demand.
Your desk?
Desks recruit at the start of each term. No finance degree needed — the requirement is that you can read a company's own announcements.
How a desk works
Same companies, all term.
The equities belong to the desk, not to individual analysts, and they stay fixed for the term so that coverage builds week on week. Each publishing week the desk picks the one company with the most meaningful development — results, a contract, a competitor's numbers, a regulation, a commodity move — and writes 250–400 words that make one point.
Desks publish on a three-week rota, so every Monday brings three or four fresh notes and every desk writes four notes a term. See the full schedule.