Secondly, as previously flagged MM has been watching UK based bank Virgin Money (VUK) into recent weakness i.e. over the last month NAB has rallied 1.5% while VUK has fallen 5%, not spectacular but still a useful performance differential if compounded over the year. MM has moved underweight the Banking Sector holding just 5% in CBA and NAB respectively in our Flagship Growth Portfolio, the big names have pulled back on cue and we are looking to increase exposure into the move but our preference is with higher beta (more aggressive) UK based Virgin Money (VUK). If VUK continues to underperform its peers MM will be a buyer, ideally around the $3.30 area.
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