Senior Analyst/Associate, Fundamental Research Platform - Technology

We’re one of Canada’s largest pension investors, with CAD$299.7 billion of net assets as of March 31, 2025.

We invest funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. 

Capturing and leading complex global investments requires us to work as one to seize valuable opportunities, in close collaboration with some of the world’s top companies. At PSP Investments, you’ll join a team of motivated and engaged professionals, dedicated to propelling our organization further than ever before.

The Fundamental Research Platform is a team of sector specialists providing deep, bottom-up research across the global markets in which PSP invests. Our primary role is to support PSP’s internally managed active equities strategies.

You will sit within the Technology sector team, report to the sector lead, and partner directly with portfolio managers across PSP’s active equities mandates. The sector team owns coverage depth; the portfolio managers own portfolio construction. The best ideas come from the interaction between the two: deep sector knowledge held against a portfolio-wide view of risk, opportunity, valuation, and conviction.

Initial coverage will be set based on team needs and the candidate’s background, but may include software, semiconductors, internet and platforms, IT services, hardware, or emerging technology themes across global markets. 

We are looking for someone who wants to understand how technology companies create economic value — and has the rigour to identify when the market is overestimating or underestimating that value.

As a Senior Analyst/Associate on PSP’s Technology team within the Fundamental Research Platform, you will own a defined coverage universe, develop differentiated investment views, and work with portfolio managers to translate research into portfolio decisions across PSP’s internally managed active equities mandates.

This is a research role, not a support role. You will be expected to build real coverage depth, form independent views, and contribute directly to investment decisions. The fundamentals — filings, models, industry calls, valuation — are table stakes. The job is to go further: to identify what matters, test it rigorously, and develop insight the market has not yet priced.

The final title will be calibrated based on experience; the expectations above remain the same.

What you will do:

• Own coverage. Take responsibility for a defined slice of the technology universe — building and maintaining models, tracking the operating metrics that matter, and knowing the companies well enough to anticipate the key debates before results are released

• Build the case, then test it. Develop investment theses and bring both the bull and the bear case to the team. We care less about being right on the first pass than about pressure-testing assumptions until what remains is durable

• Translate research into portfolio-relevant conclusions. Be clear about what your work implies: what we should own, avoid, add to, trim, or continue monitoring — and why now

• Conduct primary research. Build and use a network of sell-side analysts, industry consultants, experts, and company contacts. Run channel checks. Attend management meetings and conferences and come back with something the transcript did not already say

• Make recommendations. Bring stock actions to portfolio managers as the risk/reward shifts and monitor names you have underwritten against their thesis — flagging when the story starts to break before the price does

• Understand risk. Assess valuation, expectations, positioning, factor exposure, disruption, cyclicality, capital allocation, and downside scenarios — and be clear about what would change your mind

• Support the wider platform. Lend your sector perspective to alternative and private-market teams when they are evaluating technology businesses, where a public-market view can sharpen a private-market decision.

• Improve how the team works. Help automate repetitive parts of the research process and act as a bridge to our data, analytics, and portfolio-operations colleagues

How we work with AI

We expect analysts to be fluent with large language models and modern AI research tools, and to use them regularly — within PSP’s governance and confidentiality standards — to interrogate filings and transcripts, reconcile data, accelerate model scaffolding, and synthesize research in hours rather than days.

What matters most is judgment: knowing where these tools help, where they fail, and how to verify the work before it influences an investment decision. We are looking for someone who can use AI to move faster without becoming less rigorous.

This role involves regular travel to conferences and company meetings

• Typically, five (5) to ten (10) years in a role involving rigorous fundamental work — buy-side research, sell-side equity research, investment banking, or fund management. A track record covering technology is a clear advantage

• Strong fundamental and financial-analysis skills, with advanced financial modeling and valuation. You should be able to build a defensible model from a blank sheet, not only maintain an existing one

• Proficiency with the standard tools — Excel, Bloomberg, and a financial-data platform (Capital IQ, FactSet, or similar)

• Comfort building lightweight automations or workflows to make research faster; familiarity with Python or a similar language is an asset, not a requirement

• The ability to synthesize a large volume of information into a clear, honest, and persuasive view — in writing and in person — for an audience that will challenge it

• Sound judgment, and the self-awareness to separate conviction from overconfidence

• The independence to form your own view and the discipline to follow a shared process

• Initiative and genuine curiosity — the instinct to look past the surface fact and understand what really is driving value

• A collaborative disposition. This is a high-performance team that would rather coach than compete internally

• The composure to work under pressure and meet tight deadlines without a drop in quality

• An undergraduate degree in a relevant field from an accredited institution. A graduate degree is welcome but not required

• Progress toward the CFA designation is an asset

• Good communications skills in English and French (or willingness to learn) (regular interactions in English with investment partners based outside of Quebec Example: peers, bankers, brokerage firms, etc. and PSP employees in our offices in Hong Kong, London and New York, and interactions in French with employees in our local offices in Montreal and Ottawa)

We offer a tailored employee experience and competitive total rewards and benefits package* designed to attract and retain global diverse talent, reward performance, and reinforce business strategies and priorities. Beyond salary and incentive pay eligibility, you have access to:

• Investment in career development

• Comprehensive group insurance plans

• Competitive pension plans

• Unlimited access to virtual healthcare services and wellness programs

• Gender-inclusive paid family leave policy: up to 26 weeks for primary caregivers, 5 weeks for secondary caregivers

• A personalized family-building support, from pre-pregnancy to menopause, with available financial assistance

• Vacation days available on day one with additional days on milestone service anniversaries, and summer Friday afternoons off

• A hybrid work model with a mix of in-office and remote days

*Benefits package may vary based on your employee type.

At PSP Investments, we aim to provide a workplace where everyone feels valued, safe, respected and empowered to grow. As part of this leadership commitment, we strongly encourage applications from all qualified applicants and strive to offer an inclusive and accessible candidate experience. If you require any accommodation for any part of the recruitment process, please let us know.

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