To determine hedge funds' favorite sell-side equity analysts, Alpha retabulated the results of the 2007 All-Asia Research Team survey conducted by our sister publication, Institutional Investor, and published in its May international issue. Alpha counted only votes cast by hedge fund personnel. Nearly one third of the roughly 500 institutions whose representatives voted in the survey were hedge fund firms, with an estimated aggregate gross exposure to Asian equities of almost $150 billion. The identities of the survey respondents are kept confidential.

   Our rankings were compiled by combining votes for firms and individuals, because many investors voted for both. The votes are weighted by the respondent's Asian equity assets and by the rank it awarded to the brokerage (first, second, third, fourth). Teams have been designated runners-up when their scores come within 35 percent of the third-teamers scores. Firms had to meet a minimum vote count, which is why seven of the 30 overall Asia categories field no teams, and three categories lack third-place and sometimes second-place winners when only hedge fund votes are counted.

   The researcher featured for each winning group is either the head of the firm's team or the analyst recognized most frequently by investors. To meet this magazine's production schedule, we cite analysts who switched firms after March 16, 2007, at their previous organizations.