We have turned neutral the broader market and would like to have more cash in portfolios at this juncture. NAB has outperformed peers, yet, we believe it has increasing competition in business banking. NAB has become our least preferred banking exposure, and we are now taking profit, selling our 6% holding in the Growth Portfolio & our 7% holding in the Income Portfolio.
MM are selling NAB in the Active Growth & Active Income Portfolios, taking profit around $36
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