Virgin Money UK (VUK)

07/10/2021 09:25

Virgin Money (VUK) $3.77

MM bought VUK yesterday for our MM Flagship Growth Portfolio after its dip over the last fortnight, the UK based bank is enjoying an improving capital position which should lead to a return of dividends. This is one of the cheapest banks globally trading on just 0.6x book value compared to our own sector around 1.3x and Europe’s closer to 1x -  CBA...

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06/10/2021 14:25

Flagship Growth Portfolio – Amendments

MM is buying VUK & selling BVS in the Flagship Growth Portfolio

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28/09/2021 09:23

Virgin Money-CDI (VUK) $4.05

UK faced bank VUK has soared following its COVID plunge, we like the company and its relative valuation but feel the risk / reward is only average in the $4 region.

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16/09/2021 09:23

The Banking Sector

Secondly, as previously flagged MM has been watching UK based bank Virgin Money (VUK) into recent weakness i.e. over the last month NAB has rallied 1.5% while VUK has fallen 5%, not spectacular but still a useful performance differential if compounded over the year. MM has moved underweight the Banking Sector holding just 5% in CBA and NAB respectively...

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10/09/2021 09:40

Virgin Money (VUK) $3.91

We mentioned VUK yesterday, this UK bank appeals to MM because it affords us exposure to 2 themes we like – a rising bond yield environment and strong economic recovery in Europe. As witnessed yesterday as it dropped almost 8% in just one session this is a volatile stock and our position size will subsequently be smaller than with the likes of CBA and NAB, a repeat performance of yesterday’s unwind and this stock will be in MM’s buy zone.

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09/09/2021 09:34

Virgin Money (VUK) $3.91

VUK appeals to MM because it affords us exposure to 2 themes we like – a rising bond yield environment and strong economic recovery in Europe. The current risk / reward isn’t particularly exciting around $4 but with VUK and September traditionally volatile its one for the hitlist if we do see a brief return of volatility a distant memory in 2021.

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28/07/2021 09:57

Virgin Money-CDI (VUK) $3.64

UK based bank VUK has bounced nicely after correcting 15%, similar to CSR we are now targeting fresh 2021 highs through the run into Christmas.

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20/07/2021 09:12

Virgin Money (VUK) $3.41

MM moved underweight banks in recent months and the pullback we have been waiting for is unfolding nicely, our favourite 3 to add some diversity across the Growth portfolio are likely to require the underlying indices to reach our target areas but that feels increasingly likely at this stage:

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09/07/2021 09:32

Virgin Money (VUK) $3.53

Last month MM moved underweight the banks as we felt euphoria towards the sector had become too heated as the macro backdropped changed.

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02/07/2021 09:21

Virgin Money (VUK) $3.64

UK based VUK has been the best performing bank in 2021 rallying over 50% but it’s been coming off the boil since bond spreads started to contract following comments from the Fed.

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