NewsFeeder
Headline News
- Reaction score
- 4
U.S. fund managers trim bank stocks on profit worries
U.S.-based mutual fund managers worried about the outlook for bank earnings have been trimming financial stocks from their portfolios, although some value-oriented portfolio managers and analysts said they still see attractive opportunities in the sector. The average U.S. based mutual fund reduced its stake in financial companies by nearly 1.1 percentage points in the second quarter to approximately 14 percent, the largest one-quarter decline since at least 2013, according to Goldman Sachs. The move away from banks, insurance companies, and mortgage lenders came as the financial sector has underperformed the broad S&P 500 benchmark index by more than 5 percent since April.
https://finance.yahoo.com/news/u-fund-managers-trim-bank-090930315.html?.tsrc=rss
U.S.-based mutual fund managers worried about the outlook for bank earnings have been trimming financial stocks from their portfolios, although some value-oriented portfolio managers and analysts said they still see attractive opportunities in the sector. The average U.S. based mutual fund reduced its stake in financial companies by nearly 1.1 percentage points in the second quarter to approximately 14 percent, the largest one-quarter decline since at least 2013, according to Goldman Sachs. The move away from banks, insurance companies, and mortgage lenders came as the financial sector has underperformed the broad S&P 500 benchmark index by more than 5 percent since April.
https://finance.yahoo.com/news/u-fund-managers-trim-bank-090930315.html?.tsrc=rss
