Equity change: bank changes
The recent results from the banks have been lacklustre given the benign macro environment, so we remain underweight the banks overall. But with some significant valuation dispersion emerging within the sector we have taken the opportunity to rotate some of our exposures. We would expect the valuation gap to normalise over time given the similarity of the businesses in the industry.
Our clients have received details of the portfolio changes and updated portfolio files. SMA portfolios were rebalanced this morning.
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