Banks have come under pressure since reporting 3Q26 numbers back in mid-August, and rightly so, given slowing mortgage applications and concerns around the property market.
Within the Income Portfolio, we’re materially underweight the sector and view recent weakness as an opportunity to increase our exposure. As we’ve flagged recently, WBC also has a good chance of paying a special dividend at their November results due to excess capital on their balance sheet, and we are now positioning for that possibility within the income strategy.
MM is buying WBC in the Active Income Portfolio, allocating 5% around $35
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