We’ve mentioned QBE a few times recently as we monitor the insurer and US bond yields i.e. the insurer is one of the few beneficiaries of higher interest rates because it holds premiums in short dated bonds before paying out claims over the year. Assuming MM is correct over the coming months and the pop by US yields will fade we may see QBE start to struggle on the performance front making this a position we may switch in Q1.
MM is long and bullish QBE, short-term
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