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Trends in Global Media Use by the Investment Community June 2015
© BRUNSWICK | 2015 | 2
Who We Surveyed
Audience: Buy-side investors and Sell-side analysts across North America, Europe, and Asia.
Data Collection: March 18th though April 7th, 2015.
Sample Size: 622 investors. Margin of error of 3.9%.
Notes: Data presented in the 2015, 2014, 2012, 2010, and 2009 surveys have been weighted by country
and respondent type to allow accurate comparison.
© BRUNSWICK | 2015 | 3
Evolution of Our Survey The Brunswick Global Investor Survey tracks the changing trends in how investors use digital media
Goal: To understand how investors are using digital media to conduct research and make investment decisions.
• Global Investor
survey launches.
• 58% of investors say
digital media’s role
will increase.
2015
• For the first time,
more than 50% of
investors use
information posted
on a blog to
further
investigate an
issue.
• Survey expands to
include investors
in Asia.
• 86% of investors say
online sources have
become more
important.
• More than 25% of
participants have
made an investment
decision based on
information first
gleaned from a
blog post.
• 77% of the survey
group reported that
they have
investigated an
issue
based on information
viewed on digital and
social media.
2009 2010 2012 2014
© BRUNSWICK | 2015 | 5
From Information Gathering to Investment Decision Blogs are most likely to be used both for investigating an issue and for constructing an investment decision
QUESTION: Have you ever viewed the following, which has prompted you to investigate an issue further for your work?
Have you ever made an investment decision or a recommendation after initially sourcing information from the following, which then lead you to
conduct additional research?
41%
Use digital media to launch the construction of
an investment decision
Investigate an issue
77%
59%
33% 28% 26% 23% 23%
29%
17% 13%
9% 9% 7%
© BRUNSWICK | 2015 | 6
Investigating Investment Decisions by Region Investors in Asia are more likely to use digital media when constructing an investment decision
North America Europe Asia
36% 80%
70%
30% 29% 29% 19% 18%
29%
13% 10% 8% 6% 4%
Investigate an issue Construct an
investment decision
38% 72%
49%
30% 26% 23% 21% 15%
28% 15% 10% 9% 8% 4%
Investigate an issue Construct an
investment decision
58% 79%
55% 44% 41% 41%
32% 23%
34% 28% 26% 21% 17%
9%
Investigate an Issue Construct an
investment decision
Investigate an issue
Construct an investment decision
Investigate an issue
Construct an investment decision
Investigate an issue
Construct an investment decision
QUESTION: Have you ever viewed the following, which has prompted you to investigate an issue further for your work?
Have you ever made an investment decision or a recommendation after initially sourcing information from the following, which then lead you to
conduct additional research?
*“Presentation Sharing” and “Video” were not asked about in previous surveys
© BRUNSWICK | 2015 | 7
Blogs Lead to Investment Decisions The use of blogs to construct an investment decision has steadily increased; message board use has declined
QUESTION: Have you ever viewed the following, which has prompted you to investigate an issue further for your work?
Have you ever made an investment decision or a recommendation after initially sourcing information from the following, which then lead you to
conduct additional research?
*“Presentation Sharing” and “Video” were not asked about in previous surveys
Blogs
2010 2012 2014 2015
Micro-blogging services Message boards Social networking sites Presentation Sharing* Video*
47%
52%
57% 58% 59%
11%
28%
29% 33%
28% 26%
23%
39% 31% 29%
28%
11% 14% 23% 25%
0%
10%
20%
30%
40%
50%
60%
70%
2009
Prompted to investigate an issue
20%
18%
24%
27%
29%
4%
2%
12%
14%
13%
14%
5%
10% 11%
7%
5% 9%
7%
17%
9%
0%
5%
10%
15%
20%
25%
30%
35%
2009 2010 2012 2014 2015
Prompted to make an investment decision
© BRUNSWICK | 2015 | 8
54% 52%
49%
25% 21%
26% 30%
26%
23% 21% 15% 19%
25%
21%
0% 0%
10%
20%
30%
40%
50%
60%
70% 70%
80%
2012 2014 2015 2012
Regional Trends in Information Gathering
QUESTION: Have you ever viewed the following, which has prompted you to investigate an issue further for your work?
*“Presentation Sharing” and “Video” were not asked about in previous surveys
62%
67%
25% 26%
30%
29%
33% 30%
14%
19% 18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2012 2014 2015
Micro-blogging services Message boards Social networking sites Presentation Sharing*
55% 54%
55%
44%
37%
35%
44%
41% 39%
23% 25%
32%
10%
20%
30%
40%
50%
60%
70%
80%
2014 2015
Asia
Blogs
Investors in Asia use a wider array of digital sources to collect information
Prompted to investigate an issue further
North America Europe
Video*
© BRUNSWICK | 2015 | 9
22%
25% 28%
14% 12%
9% 8%
9%
7%
9%
4% 7%
15%
10%
0%
5%
10%
15%
20%
25%
30%
35%
2014 2015 2012 2014 2015
Micro-blogging services Message boards Social networking sites Presentation Sharing*
Regional Decision Drivers
QUESTION: Have you ever made an investment decision or a recommendation after initially sourcing information from
the following, which then lead you to conduct additional research?
*“Presentation Sharing” and “Video” were not asked about in previous surveys
24%
28% 29%
7%
4%
10%
13%
10%
8%
6%
4%
9%
4% 0%
5%
10%
15%
20%
25%
30%
2012
28%
24%
28%
34%
23%
28% 26%
9%
19% 20%
21%
17%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2012 2014 2015
Blogs
Blogs’ influence on investment decisions has increased in all regions; message boards fall in Europe and Asia
Prompted to make an investment decision
35%
Video*
North America Europe Asia
© BRUNSWICK | 2015 | 11
Valuable Sources of Information Bloomberg has remained a consistently valuable source for investors
QUESTION: Please list which Digital Media sources provide you with the most valuable information for your work.
Please list at least three in order of importance to you. (All sources cited shown.)
Most Valuable Sources in 2014 Most Valuable Sources in 2015
© BRUNSWICK | 2015 | 12
The Future of Digital Media A majority of investors continue to believe that the role of digital media will increase
QUESTION: Do you think that Digital Media such as blogs, micro-blogging services or social
networking sites will play an increasingly important role in investment decisions in the future?*
*Different wording was used for this question in 2012
Will digital media’s role increase?
17% 17% 23%
17%
41% 43%
47% 47%
6% 7%
6% 8%
29% 25% 21% 24%
7% 8% 4% 5%
2009 2010 2014 2015
No, definitely not
No, probably not
Unsure
Yes, probably
Yes, definitely
58% 60%
70% 64%
© BRUNSWICK | 2015 | 14
Most Influential Information Sources Direct information from companies remains the most influential information source for investors
QUESTION: Please rank the following sources by how much they influence your investment decisions or recommendations.
Rank from 1 to 6, where ‘1’ represents ‘the most influence’
*Blended average of “Print Media” and “Online Media” from previous surveys
2014 2015 2010 2012
Information direct from
companies
Real time subscription
information sources
Analyst research
Primary market
research
Traditional business
media (print & online)*
Digital media
Most Influential
Sources
Influence of Information Sources Over Time
© BRUNSWICK | 2015 | 15
Information direct from
companies
Real time subscription
information sources
Analyst research
Primary market research
Traditional business
media (print & online)*
Digital media
Regionally Influential Information Sources Investors in all regions find direct information more influential than digital media
QUESTION: Please rank the following sources by how much they influence your investment decisions or recommendations.
Rank from 1 to 6, where ‘1’ represents ‘the most influence’
*Blended average of “Print Media” and “Online Media” from previous surveys
Most Influential
Sources
2010 2012 2014 2015
North America
Influence of Information Sources Over Time
Europe Asia
2012 2014 2015 2010 2012 2014 2015
© BRUNSWICK | 2015 | 16
Most Influential Corporate Information Sources Investors are most influenced by direct interaction; digital media’s influence has not increased yet
QUESTION: Regarding information direct from companies, please rank the following by how much they influence your
investment decisions or recommendations. Rank from 1 to 8, where ‘1’ represents ‘the most influence’ (Option 8, “Other” is
not shown.)
2010 2012 2014 2015
Direct interaction with
management
Regulatory filings
Conference calls,
webcasts
Company news releases
Investor / corporate
presentation
Company website
Company digital media
presence
Influence of Corporate Information Sources Over Time
Most Influential Sources
© BRUNSWICK | 2015 | 17
Regionally Influential Corporate Information Sources The influence of a company’s digital presence and website still lags in all regions
QUESTION: Regarding information direct from companies, please rank the following by how much they influence your
investment decisions or recommendations. Rank from 1 to 8, where ‘1’ represents ‘the most influence’ (Option 8, “Other” is
not shown.)
Most Influential Sources
Influence of Corporate Information Sources Over Time
North America Europe Asia
2010 2012 2014 2015 2010 2012 2014 2015 2012 2014 2015
Direct interaction with
management
Regulatory filings
Conference calls,
webcasts
Company news releases
Investor / corporate
presentation
Company website
Company digital media
presence
© BRUNSWICK | 2015 | 19
23%
10%
5%
3% 12%
Mutual fund Hedge
fund Pension fund
Insurance company
Other buy-side
Analyst / Researcher
Investor advisor / Manager
Other sell-side
45%
1%1%
47% Sell-side 53% Buy-side
Other sell-side
Investment advisor / Manager
Analyst / Researcher
Job Role and Investment Focus
QUESTION: Which of the following best describes your role and the type of investments you are
responsible for?
© BRUNSWICK | 2015 | 20
Industry Sector
11%
10%
11%
5%
8% 5%
2%
8%
3%
36%
1%
Technology / Media / Telecoms
Consumer
Financial
Energy
Manufacturing / Industry
Healthcare
Utilities
Other sector
Specific geography
Generalist
Don't Know/Can't Say
QUESTION: What is the primary industry sector you cover?
© BRUNSWICK | 2015 | 21
Market Cap Focus
13%
23%
27%
5%
15%
Small Cap
Mid Cap
Large Cap
Other currency
Not specified
QUESTION: What is your market cap focus? Please indicate which currency.
© BRUNSWICK | 2015 | 22
Region
40%
40%
20%
North America
Europe
Asia
QUESTION: Where is your usual place of work?
© BRUNSWICK | 2015 | 23
Age
22%
30% 25%
20%
3%
20-29 30-39
40-49 50+
Refused
QUESTION: Which age band do you fit into?
© BRUNSWICK | 2015 | 24
Digital Media Definitions
QUESTION: Have you ever viewed the following, which has prompted you to investigate an issue further for your work?
Have you ever made an investment decision or a recommendation after initially sourcing information from the following, which then lead you to
conduct additional research?
Answer Option Examples Provided to Respondents
Blogs Seeking Alpha, Company blogs, etc.
Micro-blogging services Twitter, StockTwits
Message boards Yahoo!, Quora, etc.
Presentation sharing SlideShare, Prezi, etc.
Social networking sites Facebook, LinkedIn, etc.
Video YouTube,Vimeo, Facebook, etc.
© BRUNSWICK | 2015 | 27
About Brunswick Insight
For more information about this research please contact: Jason Golz Partner, Brunswick Group San Francisco, CA P: +1.415.671.7676 E: [email protected]
Sparky Zivin Director, Brunswick Insight Washington, DC P: +1.202.393.7337 E: [email protected]
This research was conducted by Brunswick Insight, the research and consulting arm of the Brunswick Group, an international corporate communications partnership that helps businesses and other organizations address critical communications challenges. Brunswick is an international team of more than 850 people based in 23 offices in 14 countries. Brunswick Insight provides data-driven strategic communications counsel for Fortune 500 companies, industry organizations, and non-profits. Our team of experts has conducted research in more than 70 markets around the world and has expertise in corporate reputation, issues management, narrative and message development, and thought leadership.
