Earlier in the week, we discussed Goldman Sachs (GS US), looking to buy it for ~$US530 for our International Equities Portfolio. It traded down to the $US525 area overnight—watch this space, we are being patient for now. In line with this call on GS, we also like global banks into the current pullback. The ASX-listed Global Banks ETF (BNKS) holds US majors JP Morgan (JPM US), Bank of America (BAC US), and Wells Fargo (WFC US) as its three largest positions.
- We like the BNKS ETF around $8.50, or ~3% lower – it should be close today.
- This ETF is not leveraged, is currency hedged and incurs costs of 0.57% pa.
MM is bullish on the BNKS ETF ~$.8.50
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