This week, ANZ has been the standout “Big Four Bank” as investors focused their selling/profit-taking on CBA and NAB. We continue to like the banks as interest rates are poised to fall in Australia, but the risk/reward remains unattractive at current levels. A few more weeks like the one we’ve just experienced could change this dynamic. Remember, ANZ is still forecast to yield ~5.8% partially franked, with its next dividend payable in November.
- We like ANZ but would only increase our position below $28, or ~9% lower – MM owns ANZ in our Active Growth Portfolio.
MM is long and bullish ANZ medium term
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