Again the US banks have outperformed our own and Soros has revealed new positions in Goldman Sachs (GS US) and JP Morgan (JPM US), in this case we like the exposure although again the risk / reward around current levels is not overly exciting – MM has a decent position in Wells Fargo (WFC US) in our International Equities Portfolio. The banks should outperform as bond yields rally hence from a macro perspective we agree with the funds purchases but we wouldn’t be chasing strength at current levels.
MM is mildly bullish banks
