The North Carolina Investment Authority (NCIA) is a separate and independent state agency, governed by a Board of Directors chaired by the State Treasurer, tasked with investing North Carolina’s $144 billion in pension assets. The NCIA was created effective July 1st, 2025, and assumed statutory investment powers and duties from the Department of State Treasurer effective January 1, 2026. Details below.
The North Carolina Investment Authority (“NCIA”) is actively seeking Public Equity Fundamental Research Portfolio Manager candidates with at least 5 years of Fundamental Equity Research expertise. The ideal candidate would have an established background in either traditional fundamental equity research and/or consolidated research (credit, equity, etc.) having worked within an investment management firm, investment bank, consulting firm, third-party research firm, pension plan, foundation or endowment.
As a Public Equity Fundamental Research Portfolio Manager, you will conduct extensive research and analysis of various market and industry segments and contribute to the team’s views and recommendations. In addition to coverage of differentiated market themes, the team will occasionally vet a number of private company opportunities for potential follow-ons and IPOs and will periodically support individual public company research. The candidate will work closely alongside other internal team members in all aspects of the research process, from idea generation to modeling, and contribution to investment recommendations. Responsibilities would include:
- Demonstrate strong industry knowledge and business judgement.
- Closely follow and understand market, industry and company specific activity and where possible, seek out new, differentiated sources of information.
- Develop key themes through interaction with internal team members, third-party research services, and a network of investment manager contacts.
- Conduct fundamental, bottom-up equity research across U.S. markets and assigned sectors/industries and originate regular industry and company reports to identify opportunities and risks related to companies, industries or financial instruments.
- Perform complex financial modeling and valuation work by analyzing detailed financial models, valuation analyses and earnings forecasts.
- Engage with company management teams via earnings calls, onsite visits, & conferences as well as participate in client meetings and events to build relationships and facilitate information flow with contacts and key opinion leaders.
Qualifications:
- Bachelor’s degree or equivalent years of experience. Advanced degree/MBA is preferred. CFA/IA desired or other relevant professional certifications is a plus.
- At least 5 years of industry experience in a non-academic setting focusing on equity research, investment analysis and portfolio management within a particular sector/industry via investment management, investment banking, pension plan, endowment/foundation or investment consulting.
- Possess a basic understanding of economics, macroeconomic factors, international affairs, and policy/politics.
- Advanced knowledge of financial modeling, accounting and valuation skills. Credit skills are a plus.
- Demonstrated ability to generate compelling investment ideas through fundamental research and enjoy working with industry databases, websites, and performing desktop and field research.
- Advanced Excel, AI and Bloomberg proficiency
Interested candidates should send a letter of interest and resume to: NCIAResumes@NCinvest.gov
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