(Senior) Research Analyst / Portfolio Manager - Semiconductors / Hardware / Health Technology ([...]

YOUR ROLE

Across our funds, we hold meaningful exposure to the hardware backbone of the AI buildout: the chips powering data centers and edge devices. As our Equity Research Analyst - Semiconductors (m/f/d) , you own that coverage and contribute original theses to a concentrated, high-conviction portfolio, extending our reach in pure-play names before consensus catches up. The scope centers on semiconductors but grows with your insights into adjacent areas. You report to Ingo Lupatelli, our Portfolio Manager and Director of Research, and work autonomously from Day 1.

• Coverage & research. Run bottom-up fundamental research on semiconductor companies worldwide: chipmakers, equipment, materials, memory, and the hardware stack around them.
• Idea generation. Own news and data monitoring across your sectors, surfacing and defending alpha opportunities before consensus.
• Financial modeling. Decompose business models from first principles (Volume x Price x Mix x Margin) and build models tailored to each sub-sector's economics.
• Data & tools. Make our alternative data, AI, and quantitative capabilities integral to your research: know when a signal is real, when it is noise, and how it ties back to the P&L.
• Portfolio contribution. Cultivate relationships with sector experts and management teams, and convert conviction into sized positions in the book.

THE EXPERIENCE YOU BRING

• You understand the semiconductor industry at both a technical and a business level; adjacent coverage of batteries or consumer devices is a plus.
• You have 2+ years researching investments in the semiconductors sector, on the buy-side or in a research-heavy environment (equity research, private equity, or investment banking).
• You have a track record of differentiated investment writing: a contrarian view you sized and defended under pushback, ideally a thesis you can point to.
• You are comfortable with alternative datasets and basic data tools (Python or SQL); fluency with semiconductor cycles or Asian and Chinese names is a bonus.
• You hold a strong academic record in a technical field such as Engineering, Computer Science, Physics, or Mathematics.

2 reasons why you should not apply

• You prefer a steady, deliberate pace. We move fast: daily idea flow, weekly thesis check-ins, and deep dives when the data moves. You will form and revise views quickly.
• You like to wait for full consensus before acting. We size positions on conviction and meaningful insight, not crowd validation.

Your mindset

• You are passionate about technology, public-market investing, and the businesses behind the chips.
• You operate by first principles: you decompose a thesis into its drivers, rebuild it from observable inputs, and treat being proven wrong by data as learning, not defeat.
• You are an "AI Native" who makes AI and quantitative tools standard infrastructure in your research.
• You are self-driven and entrepreneurial, in it for the long term, where logical argument outweighs hierarchy.

What we offer

• Become part of a unique success story in European asset management, on one of the most consequential investment themes of the next decade.
• Work with terabytes of data, cutting-edge research tools, and proprietary alternative data you will not find at traditional asset managers.
• A motivated, highly international team (15 nationalities) with flat hierarchies and direct access to our management team and investors.
• Day 1 ownership of challenging, varied work, a steep learning curve, and a transparent, appreciative feedback culture.
• Competitive compensation with a meaningful variable component tied to fund performance, plus relocation and visa support if needed.