IR Magazine Research Report - Investor Events
The global voice of investor relations
<sub>Research Report</sub>
<H3>Investor Events
Examining the changing face of
investor events and allocating
resources for in-person and
virtual formats
<sup>Sponsored by</sup>
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Introduction
Who did we survey?
The past year has seen seismic changes to the investor events landscape. The Covid-19 pandemic has all but obliterated in-person events, causing them to be switched to a virtual format, the nature of which continues to evolve as investors and IROs become more familiar with the experience. There is little expectation that investor events will return to the same in-person levels once the effects of the pandemic subside; it appears more likely that virtual investor events will remain part of the IR calendar.
This report looks at investor events from the second half of 2019 to the present day. It covers both investor events held before the pandemic hit and subsequent conduct during the pandemic. We examine the participation of IROs and investors at both in-person and virtual events and how they rate these experiences.
The events covered in this report are investor conferences, investor days, site visits and roadshows and for each of these we compare and contrast the in-person and virtual formats. The report examines where resources should be allocated for investor events in the near future and what the long-term prospects are for in-person and virtual events.
The findings in this report come from three surveys conducted between Q3 2020 and Q1 2021. Data on IRO participation in events is taken from IR Magazine’s Global IR Survey in Q3 2020, while reporting on IR resources allocation for future events comes from the Global IR Survey in Q1 2021. All findings from the investment community side, including event participation, were investigated in IR Magazine’s Global Investor Survey, which was conducted in Q4 2020.
The term 'investors' is used in this report as shorthand for members of the investment community, including fund managers as well as buy-side analysts and sell-side analysts. Data in this report is broken down by region, by job title for investor responses and by company size for corporate responses.
Market cap sizes are defined as follows:
Small cap <$1 bn
Mid-cap $1 bn-$5 bn
Large cap $5 bn-$30 bn
Mega-cap >$30 bn
Total IRO respondents: 1,082
Total investor respondents: 198
Report editor
Lloyd Bevan
Managing editor & chief copy editor
Kathleen Hennessy
Design and production executive
James Noden
In-person investor events
Conferences were the most common form of engagement before the pandemic
In-person investor events
Investor conferences are the in-person events IR teams most frequently participate in. From Q3 2019 to Q2 2020, IR teams attended an average of 5.6 investor conferences, with just 8 percent of teams not attending investor conferences in this time.
Roadshows are the next most common in-person event for investor relations teams, which were held an average 4.4 times over the relevant period. Slightly more than eight in 10 teams went on the road, fewer than in previous years.
Investor days are the least common investor event for IR teams. Because just over a third of companies held an investor day in the past year, the average number being held by each team is only 0.6.
Average number of events held/attended
Average percentage of companies participating
Corporate participation by region and cap size
North American IR teams typically participated in fewer in-person investor events of any type than the global norm. Just over one in five North American companies held an investor day during this time. European IR teams participated in more in-person roadshows than investor conferences.
It is common for in-person event participation to increase with company size. The notable exception to this rule is that small-cap companies held the most investor days during the past year. The big jump in participation is typically found between large-cap and mega-cap companies.
Average number of events held/attended
(average percentage of companies participating in brackets)
The effects of the Covid-19 pandemic upon in-person investor events is clearly identified by looking at the events calendar for the year Q3 2019 to Q2 2020. The overwhelming majority during this time were held in the second half of 2019, ranging from 72 percent of in-person roadshows to 86 percent of in-person site visits.
Just under a quarter of in-person investor conferences were held in the first quarter of 2020, while virtually no in-person events were held from April onwards in that year.
Percentage of in-person events by quarter
Roadshows are the in-person investor event IROs prefer, with more than a third finding them to be the most rewarding event, compared with less than a quarter for investor conferences and investor days and under a fifth for site visits. Roadshows top the list as the most rewarding event in every region, with 48 percent of Asian IROs finding them particularly popular.
Roadshows appear less popular with mega-cap IROs than with IROs at other companies, while relative appreciation for investor conferences tends to diminish as company size increases. Mega-cap IROs favor site visits more than IROs at other companies do, while appreciation for investor days increases with company size, making them the most rewarding in-person investor event for mega-caps.
Most rewarding in-person event
Investors participated in more roadshows than any other in-person investor event, having attended an average of two more roadshows than investor conferences in the past year as well as nearly double the number of site visits and more than twice the number of investor days.
The buy side participated in considerably more in-person investor events than the sell side, attending an average of 10 in-person roadshows and five or more of each of the other events. North American investors tend to participate in fewer events than investors in other regions, while investor conferences are the most frequently attended event for Asian investors, which participated in an average of 14.3 in the past year.
How many of the following events have you attended in person in the past year?
Investors rate their experience of in-person site visits higher than any other in-person event. On a scale of zero to 10, nearly two thirds give site visits a rating of eight or higher, while 23 percent give a perfect score of 10. Site visits also score below five with 14 percent of investors, more than with any other event.
Investor days are the only in-person event where the buy side has a more positive view than the sell side (by giving them a score of eight or more). Although 23 percent of buy-siders give site visits a perfect score, more than two thirds give investor days a score of eight or above, making investor days the most highly rated events with the buy side. More than eight in 10 sell-siders rate in-person roadshows at eight or above, compared with just under half of the buy side.
Virtual events
Strong participation in virtual conferences shown globally
The most common virtual investor events IR teams participated in are investor conferences. In the year from Q3 2019 to Q2 2020, IR teams attended an average of 3.4 virtual investor conferences, with 85 percent having attended at least one in this time.
Companies held an average of 2.2 virtual roadshows over this time period, which is just under two thirds of the number of virtual investor conferences attended. Virtual roadshows have become common practice, with six in 10 survey respondents having hosted at least one in the period Q3 2019 to Q2 2020.
Virtual site visits and investor days are far less common: just 16 percent of IR teams hosted an investor day and 8 percent hosted a site visit in this time.
Average number of events held/attended
Average percentage of companies participating
Corporate participation by region and cap size
Virtual investor conference participation is high in all regions, but highest in Asia where IR teams attended an average of 6.3 in the year Q3 2019 to Q2 2020. Fewer than half of Asian companies held virtual roadshows in this time, while 36 percent hosted virtual investor days – a far higher percentage than firms in other regions.
North American IR teams are more likely to participate in virtual roadshows and investor conferences but typically hold/attend fewer in number when they do. European IR teams hold almost as many virtual roadshows as they attend virtual conferences.
Virtual investor event participation tends to increase with company size, except with virtual investor days. Almost a quarter of small-cap companies hosted a virtual investor day in this year, twice as many as did large and mid-cap companies. The biggest increase in participation for virtual roadshows, site visits and investor conferences is found between large and mega-cap.
Average number of events held/attended
(average percentage of companies participating in brackets)
Roadshows and investor conferences are the virtual events most responsive to the Covid-19 pandemic. Three quarters of all virtual roadshows and 82 percent of all virtual investor conferences between Q3 2019 and Q2 2020 were held in Q2 2020, with just one in 50 virtual investor conferences held in the second half of 2019. Site visits are the least responsive, with 44 percent of all virtual site visits in this period held before April 2020.
Percentage of virtual events by quarter
Most IROs view investor conferences as the most rewarding virtual investor event, while just over a third favor virtual roadshows. Just 8 percent find investor days and 3 percent find site visits the most rewarding virtual events.
The low showing for virtual investor days and site visits is understandable given how few IROs have actually experienced them. But when analyzing the satisfaction rating of IR professionals, a third of IROs who hosted a virtual investor day in this time found them to be the most rewarding event.
While nearly as many North American IROs find roadshows the most rewarding as find investor conferences the most rewarding, there is a stark difference in the views of Asian IROs. More than two thirds of Asian IROs favor virtual investor conferences, compared with just 19 percent who favor virtual roadshows.
As many mega-cap IR professionals view roadshows as the most rewarding virtual event as favor investor conferences. The biggest difference is found among mid-cap IROs, where 61 percent favor investor conferences and just 32 percent favor roadshows.
Most rewarding virtual investor event
Roadshows are the most common virtual event for investors to participate in, having attended an average of almost 17 in the past year. This is followed by an average of 12.4 virtual investor conferences, while the average virtual investor days and site visits are both in single digits.
Sell-side participation in virtual roadshows and investor conferences is the same, averaging 10.4 each in the past year. It is among the buy side where the differences occur. Buy-side fund managers and analysts typically attended in excess of 8.6 more virtual roadshows than virtual investor conferences. In fact, the buy side attended almost as many virtual investor days as investor conferences.
Virtual roadshows are most popularly attended in Europe, where investors typically attended more than twice as many virtual roadshows as investor conferences. Asian investors attended more virtual investor conferences than virtual roadshows.
How many of the following events have you attended virtually in the past year?
Virtual investor events are generally rated lower by investors than in-person events. While a strong majority of investors give all virtual events a positive score of above five, notably fewer give scores of 8+ than do for in-person events.
Views on virtual site visits are the most polarized. While almost a quarter give a rating below the neutral score of five, 44 percent give a score of at least eight, the highest number for any virtual event. Virtual investor days have the highest number of investors giving an above-neutral score of five.
Unlike with in-person events, there are no great differences in how the sell side and the buy side rate virtual events. Generally the sell side is more favorably disposed toward them, with the exception of virtual site visits, which the buy side rates higher than the sell side. While the picture is less clear overall, the buy side distinctly rates the experience of virtual site visits above other virtual events.
Roadshows
In-person roadshows get higher investor ratings than virtual roadshows
Over the period Q3 2019 to Q2 2020, companies held twice as many in-person roadshows as virtual roadshows: more than six in 10 held virtual roadshows in this time, compared with more than 80 percent holding in-person roadshows.
The transition from in-person to virtual roadshows can be seen as the year unfolds. Approaching three quarters of in-person roadshows during this time were held in the second half of 2019 while three quarters of virtual roadshows were held in Q2 2020. This means that in the first half of 2020 companies typically held two virtual roadshows for every 1.2 roadshows in person.
The difference in company participation at in-person and virtual roadshows varies according to region. In North America, companies held fewer than half the number of virtual roadshows as they held in person: 1.8 compared with 4.1. In Asia, companies held two thirds as many virtual roadshows as in-person roadshows.
There is no great difference in the ratio of virtual to in-person roadshows according to cap size. The number of virtual roadshows held by small-cap companies is 53 percent of the number of in-person roadshows. This figures drops to 45 percent among mega-caps.
Investor participation and rating
In the period Q4 2019 to Q3 2020 the typical investor attended around 10 more virtual roadshows than in-person roadshows, more than two and a half times the total number. Investors, however, prefer the experience of in-person roadshows to virtual roadshows, giving an average rating of 7.5/10 compared with 6.5/10.
More than six in 10 investors give a high rating of eight or more for in-person roadshows compared with just a third for virtual roadshows.
Investor days
Biggest difference in ratings shown for in-person and virtual investor days
Companies held an average of 0.2 more in-person than virtual investor days in the period from Q3 2019 to Q2 2020. But while more than a third of firms held an in-person investor day, just 16 percent held a virtual one. This means those that hosted virtual days held more days than the average number of days held for in-person participants.
While more than three quarters of in-person investor days were held in the second half of 2019, nearly seven in 10 virtual days were held in Q2 2020. Almost four times as many virtual days were held in the first half of 2020 as were in-person days.
Regionally, with more companies hosting in-person and virtual investor days in Europe and Asia than in North America, the average numbers for both are higher in these regions. There is just 0.1 day’s difference between the number of in-person and virtual investor days held in Asia.
Small-cap companies host the highest number of both in-person and virtual investor days. From mid-cap to mega-cap the number of in-person days increases as virtual days decrease. This leads to large-cap companies having hosted three times as many in-person as virtual days, while mega-cap companies have hosted four times as many in this period.
Investor participation and rating
Investors attended an average of 5.4 more virtual investor days between Q4 2019 and Q3 2020 than in-person days, which is almost three times as many. But investors prefer the experience of in-person days, giving an average rating of 7.5/10 compared with 6.4/10.
In fact, the difference in investor rating for in-person and virtual formats for investor days is greater than for any other investor event, with 63 percent rating in-person days eight or higher compared with just three in 10 for the virtual format.
Site visits
Mega-cap companies pioneer virtual site visits
Companies held more than four times as many in-person as virtual site visits in the year from Q3 2019 to Q2 2020. But only 8 percent of companies actually held virtual site visits, compared with 45 percent holding in-person visits. This means the average number of virtual visits among those who held them is 5.7, compared with an average of five for in-person visits.
While 86 percent of in-person site visits during this time were held in the second half of 2019, 84 percent of virtual site visits were held in the first half of 2020. More than a quarter of virtual site visits were held in Q1 2020, a higher proportion than for other investor events. This suggests the transition to virtual occurred sooner with site visits.
Both in-person and virtual site visits are least frequent in North America and most common in Asia. North American companies also have a lower virtual to in-person ratio for site visits. Just over one in 10 of all North American site visits in this time were virtual, compared with 22 percent of European and Asian site visits.
Both in-person and virtual site visits are more frequently held by mega-cap companies than companies of other cap sizes, with mega-caps typically holding more than double the global average for in-person and nearly six times the average number of virtual site visits. The ratio of virtual to in-person site visits is higher for virtual among mega-caps than any other cap size. Globally, 17 percent of all site visits held in this time were virtual. This figure rises to 39 percent among mega-cap companies.
Investor participation and rating
Investors typically attended two more virtual than in-person site visits between Q4 2019 and Q3 2020. This is a lower virtual to in-person ratio than is found with other events, with 61 percent of all site visits attended by investors being virtual, compared with 73 percent for other investor events.
As with other events, investors continue to rate the in-person experience over the virtual experience, with approaching two thirds of investors giving in-person visits a score of eight or higher compared with 44 percent for virtual visits.
Investor conferences
IR teams in Asia led the way with adoption of virtual conferences
IROs participate in more investor conferences than any other investor event, for both in-person and virtual formats. An overwhelming 85 percent of IROs attended a virtual investor conference in the year from Q3 2019 to Q2 2020, with 92 percent attending in-person conferences.
In-person investor conferences decreased in frequency in Q1 2020 and were practically eliminated in Q2 2020. Virtual investor conferences were almost unheard of in Q3 and Q4 2019, while 82 percent of virtual conferences took place in Q2 2020. As the pandemic hit, virtual conferences became the most readily available and important replacement for in-person investor events, with the average IRO attending nearly three virtual conferences in Q2 2020 alone.
While just over a third of investor conferences attended by North American and European IROs were virtual, Asian IROs attended more virtual than in-person conferences in this period. Asian IROs also attended the highest number of both in-person and virtual investor conferences of IROs from any region.
The number of both in-person and virtual investor conferences attended by IROs mostly increases with company size. The ratio of in-person to virtual conferences attended in this time remains fairly consistent across the cap sizes. Overall, mega-cap IROs attended almost twice as many investor conferences as small-cap IROs.
Investor participation and rating
Investor conferences are the most common event for IROs to have attended, but roadshows were more frequently attended by investors in both in-person and virtual formats. Nearly three quarters of all investor conferences attended by investors in this time were virtual.
Although investors value the experience of in-person conferences over virtual, the difference in their rating of the two formats is smaller than with other investor events, with just 13 percentage points separating those who give each format a score of eight out of 10 or higher.
Investor events:
2021 and beyond
Respondents hold mixed views about return to in-person events this year
Investor events: 2021 and beyond
There is considerable uncertainty about a return to in-person events in the short term. Just under three in 10 IROs positively expect a return to in-person events in 2021. A quarter of IROs definitively state that they do not expect to return to in-person events this year while 46 percent are not sure what will happen.
There is little variation in this according to region. North American IROs tend to be more negative about a return to in-person events this year, with a quarter saying they expect a return and almost a third stating that they definitely don’t.
IROs at larger companies have higher expectation of a quicker return to in-person events, with 41 percent of mega-cap IROs expecting a return this year. IROs at small-cap companies have the highest level of uncertainty about whether or not there will be a return to in-person events in 2021.
Do you expect to return to in-person events in 2021?
The low level of expectation for a return to in-person events in the near future is reflected in how IROs plan to allocate resources for such events in the coming year: most IROs are making no plans for in-person events in 2021.
There is hope more than expectation that some in-person interaction with investors will be possible in the second half of the year, most likely in Q4 2021. These interactions, were they to happen, would most likely tend toward more local, informal meetings with familiar investors rather than organizing or attending large-scale events. There is little consideration regarding the resumption of any extensive travel plans in 2021.
Much of the IR resources for virtual investor events are already in place, with companies having developed their virtual programs over the course of 2020, and most additional resources are expected to go on improved technology to enhance the virtual experience. Such investment is in accordance with the view that virtual events are here to stay and will permanently form part of the investor relations calendar.
Virtual event resources primarily focus on investor conferences and roadshows, in that order. Some IROs refer to a change in targeting as the virtual format of these events allows for a different approach. Several mention investor days and the challenge in planning what will, for many, be their first in a virtual format.
Investor view: In-person events
We asked investors where they think companies should be prioritizing their resources for in-person events. While a significant number say companies shouldn’t be prioritizing in-person events at all at the moment, a notably high number mention site visits. Roadshows and investor days are also mentioned to a lesser degree, but there are very few mentions of in-person investor conferences.
These views are consistent with findings elsewhere in this report. Investor conferences are the event type most readily converted to a virtual format, with minimum loss in value. But site visits are a resource-heavy and less frequent event with high appreciation levels from investors. The unique nature of site visits makes them the least transferable to a virtual format and the ones that gain most value from being hosted in-person.
In terms of logistics, where do you think companies should prioritize their resources
for in-person events?
Investor view: Virtual events
When investors are asked how companies should prioritize their resources for virtual events, they focus much more on execution than specific types of event. The vast majority of investor comments mention either focusing on content, such as reshaping presentations to better fit the virtual format, or investing in technology to improve the virtual experience.
When investors comment on specific event types for the virtual format, investor conferences are the event most frequently mentioned. Investor days and roadshows are mentioned equally, while only one respondent says companies should focus their resources on virtual site visits.
In terms of logistics, where do you think companies should prioritize their resources for virtual events?
The future for investor events
It is clear the Covid-19 pandemic has had an overwhelming impact on investor events in the short term. What is also clear from the findings in this report is that this will lead to a long-term change in the style, content and format of future investor events.
When investors are asked to rate their personal experience, they always prefer events to be in-person rather than virtual – but the degree to which this is the case is not uniform across all events. The difference in the ratings for in-person and virtual investor conferences is much smaller than for other events.
Investor conferences were the quickest event to make the transition to virtual and are now a regular feature of the IR calendar. There is little value in prioritizing resources for in-person over virtual investor conferences.
Moreover, IROs remark that both virtual investor conferences and roadshows provide new opportunities over the in-person format. Virtual investor conferences appear to be better attended while virtual roadshows can access investors in locations IR teams might not have prioritized going to in person.
The opportunity for virtual investor conferences and roadshows to be thematic rather than geographic means the nature and content of virtual and in-person events may diverge in future, as may the reasons to participate in them.
In-person site visits are the event experience most highly rated by investors. Investor days have the largest difference in rating between in-person and virtual formats. Both these event types are resource-heavy and less frequently held than conferences and roadshows, so it makes sense to focus on in-person formats for these. Furthermore, mention is made by investors of incorporating site visits and investor days into a single event.
Virtual events are now part of the investor event landscape and will continue to evolve. This, in turn, will affect the development of in-person events. Virtual and in-person events are likely to diverge in nature as they provide differing opportunities.
New resource demands and expectations may lead to the creation of new event styles. Any future report on this subject may no longer be referring to virtual and in-person investor conferences, investor days, site visits and roadshows as a means of categorizing investor events.
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