ba736

I think Dude_CFA and bchadwick both made valid points, and are good points.

Just to add, PMs generally have more client facing responsibilities. While you can have an analyst talking about a sector in depth, clients incline to meet with PM and understand the overall strategy.

For asset owners (investors), it's not so much the line of stock matters. To clarify further, if I have 4~5% in three out of five portfolios then yes, it is important. However, it matters more to understand what the PM is thinking i.e. how they trim the portfolio, hedge risks and position portfolio for upcoming catalysts.