Founded in 2005 on Silicon Valley's legendary Sand Hill Road, Sand Hill Equity Research is an independent, subscription-based, fundamental research firm focused on the human capital management sector.  Specializing in this vertical, we can identify and capture its nuances, behaviors, operating metrics, competitive dynamics, macroeconomic factors, regional variations, and regulatory environment.

We generate original, bottom-up ideas with deep dives on themes, markets, and companies.  We offer our clients unbiased, in-depth, investigative, leadership-focused, differentiated investment analysis, often with a contrarian view and always with a thorough assessment of investment risk. 

Our analysts have extensive human capital management industry experience.  We build on our relationships with company management and industry contacts to make our recommendations.  We believe that these relationships, combined with first-hand marketplace knowledge, are critical to understanding investment opportunities in a people-intensive sector such as human capital management.

We concentrate on micro-caps (market capitalizations of $100,000,000 - $500,000,000) that are underfollowed and mispriced.  We frame high-conviction ideas, making both long and short recommendations.

As a pure research boutique, we are truly independent and free of the conflicts arising from investment management, market-making, underwriting, merger and acquisition, and corporate finance activities.  We do not have inventories of stock to move and we are not constrained by "quiet periods."  We adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct.