Earlier this week, analysts at Baptista Research began initiating coverage on a few ASX-listed companies. Then several more. Eventually, the self-described “independent financial research house” was covering a string of the country’s largest listed companies, from BHP to Qantas.

Fund managers have never heard of them; neither have the companies that they are covering – unusual given analysts often have deep connections to the businesses they produce research about as they try to generate better insights and, hopefully, lead their clients to make better investments.