Altair asset portfolios have been underweight banks versus the market, however, a selection of our portfolios have been overweight NAB and ANZ. Since the beginning of this calendar year NAB and ANZ have outstripped CBA and WBC some three percentage points!
 Prior to the large fall over the last few weeks, we decreased our allocation to the bank sector over a gradual sell down that commenced 6 months ago. A good relative decision by the team. At this point, however, I feel the selling has been overdone and if you look at NAB by way of example (and I still prefer NAB and ANZ) on both an earnings yield and a dividend yield they are very interesting. I explain why in the following note: