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    The Banks

    Hi James and Team Can you comment on the switch happening from the Big 4 Banks to Resources. I hold ANZ and CBA like Market Matters and retained some NAB. Are you still long your Bank holdings? Would you be considering a switch between ANZ/CBA to Macquarie? regards Debbie

    Answer

    Hi Debbie,

    We discussed the banks in Friday mornings What Matters Today Report, a couple of the takeout’s were as follows:

    • We believe the switch from banks to resources can unfold further primarily because it was such a crowded space in the first place, i.e. the market was overweight banks and extremely underweight resources.
    • We still hold ANZ in our Growth Portfolio and CBA in our Income Portfolio, these positions are already underweight hence we are likely to be buyers of further dips as opposed to sellers of strength.
    • We are not considering switching out of ANZ/CBA, again we are more likely to simply buy weakness.
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    Commonwealth Bank of Australia (CBA)
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