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How River & Mercantile's Staveley is playing pension reform
by Danielle Levy on Mar 12, 2013 at 13:17
‘The other aspect that people are missing on the valuation is the significant amount of deposits the bank is not making money off, so there is a huge underdeveloped earnings power it has got when rates start to go up. There is hidden earnings power there. As a result, I have been overweight HSBC for some time,’ he added.
Staveley also bought into Close Brothers in January, pointing to its attractive yield, strong balance sheet and the turnaround potential in its asset management business.
The fund is currently yielding around 4% and has posted a 43% return over the three years to the end of February, while the FTSE 350 Higher Yield index rose 33.2%, according to Lipper.
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