Equity Research Intern

Equity Research 2027 Summer Internship 

Madison Investments is a dynamic, entrepreneurial investment management organization with $29bn in assets under advisement in a range of equity and fixed income strategies that aim to outperform our benchmarks while taking less risk. We manage money for both individuals and a variety of institutions through our managed accounts, mutual funds, and private portfolios. 

Job Description 

We are looking for a Class of 2028 Equity Research Intern for our Mid Cap and Large Cap Equity team, which manages our two flagship equity strategies with a combined $13bn in assets. Our team has an excellent industry reputation built over many decades, with both strategies sporting top-notch long-term performance, beating both our benchmarks and the vast majority of our peers. 

The team’s core philosophy is that buying undervalued securities of good businesses will result in superior returns over time. Characteristics of good businesses include durable competitive advantages, high returns on capital, proven management, sustainable growth, financial strength, and resilience to economic downturns. We invest for the long-term, following Benjamin Graham’s dictum, “Investing is most intelligent when it is most businesslike” – that is, stocks are not merely pieces of paper, but represent fractional ownership in real-life business enterprises. Thus, we analyze a company’s stock as if we were buying the company whole; while quantifiable metrics are important in our assessment of a company’s long-term prospects, we place an especially high value on assessing qualitative factors such as the company’s strategy, brand or franchise strength, executional capability, competitive landscape, customer relationships, and managerial culture. Our portfolios have low turnover, and are highly concentrated by investment industry standards, with 25 to 30 investments each. 

The intern will work directly with the portfolio managers and analysts to assist in all facets of in-depth, fundamental research that would include the following:

•Retrieval and reading of relevant documents and informational sources
•Modeling and analysis of financial statements
•Interviews with management teams, industry participants, customers, and other experts
•Site visits and other field work
•Development of creative insights on the drivers of a company’s profitability
•Communication investment research to team members via extensive written reports, informal discussions, and presentations
 

The candidate should be in the Class of 2028, intellectually curious, self-motivated, analytical, creative, and of high integrity. We are a team of eight professionals, collectively offering a diverse range of perspectives and talents. Our internship program includes frequent educational and guidance sessions to provide occasions to learn and get exposure to the fundamental investment process. This is not merely a passive internship, however. The intern will work closely with all key decision-makers, and will have an opportunity to meaningfully contribute, and be “in the room” during various phases of investment activity.
 

Please send a resume and cover letter to: Joe Maginot at jobs.intern@madisonadv.com