A +20% correction in 2 weeks

PM Capital

PM Capital

Last week we hosted our annual roadshow around Australia, which focused on the risk/reward proposition of onshore versus offshore investments. A key theme discussed was our view on offshore banks, which we believe show greater share price upside compared to their Australian counterparts. A key reason in our rationale is the stated intention by these businesses to increase their payout ratios. In the last two weeks, we've seen a +20% move between the decline in CBA's share price and the increase in Lloyds share price, as highlighted within the slide attached. You can watch a recorded version of the presentation, where Paul Moore discusses why he thinks the Australian dollar has further to fall, our view on economic improvements in Europe and the current industries we believe show the greatest return potential. (VIEW LINK)

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