We are selling our position in Wells Fargo (WFC US) in the International Equities Portfolio on valuation grounds. While it still screens ‘cheap’ relative to our own banks, we don’t believe a 50% appreciation in the share price in 3 months correlates with financial performance. We are cashing in our chips, increasing cash in the process.
MM are selling WFC US in the International Equities Portfolio, taking a profit around $US73
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