Research Principles

ACF’s research brand values are accuracy, clarity, foresight, objectivity, trust and impact.

  • ACF is underpinned by the core team’s fund management background combined with experience of over 20 start ups through to listing and trade sale combined with a focus on unbiased, credible, effective independent equity research for corporate clients.

Below we outline some of the many steps we take to ensure the values of independent financial research are enshrined in our products and services.

  • To be credible and effective ACF and its team have created an independent mindset and culture within the organisation with experience of over 20 start-ups in the team ranging from financials services, fintech and consumer facing businesses, we have unparalleled experience of the needs of junior international market and smaller companies and their investors.
  • Our analysts have global, large, mid and small cap experience, making us one the most rounded teams available. We assess that this is the route to create an effective product for our clients.
  • Our research brand strives to be objective, cogent, intelligent, rigorous and relevant to market timing.
  • Our research must always strive to be accurate and reflect the valuation conclusions of our research analysts. Our analysts employ a strict systematic protocol to ensure that in coming to their conclusions they have carried out their own independent investigation and analysis.
  • We acknowledge that it is not possible to eradicate all human bias from our research product and therefore we have an internal review process to question the assumptions of our colleagues rigorously in order to maintain the value of our brand and reputation and our clients’ investments in our reputation, making us a truly independent equity research firm.


  • ACF Equity Research aims to distribute its research on a non-permissioned basis by electronic copy. Our research is distributed on as broad a basis as possible, using electronic platforms provided by companies such as Factset, Reuters, Capital IQ and other market participants and partners where appropriate.

Offering related research

  • In certain cases, ACF Equity Research publishes research prior to a listing or secondary capital raise or other related event (which we, and other market participants, refer to as transaction or pre-transaction or pre-IPO research).
  • Such transaction research will be written with the same complete impartiality as all other types of ACF
  • The availability of transaction research provision is a decision made by ACF Equity Research’s management Board.
  • ACF Equity Research has put in place transaction research procedures to ensure an independent financial research product is produced. Some of these procedures are identified below.
  • Prevent the promise of favourable coverage.
  • Ensure the factual consistency of transaction research with any related prospectus or selling document, including procedures allowing review for factual accuracy by corporate finance clients and issuers.

Disclose that the research has been provided by ACF Equity Research on behalf of the Client.

ACF Equity Research LTD (FRN 607274) is an Appointed Representative of City & Merchant Limited (FRN 154182) which is authorised and regulated by the Financial Conduct Authority. | Copyright © 2020 ACF Equity Research.