@thunderhead1I did add to my position on February 5th, the day...

@thunderhead1

I did add to my position on February 5th, the day after the RC Final Report was released. I am not going to add further on the back of these numbers, as they merely confirm my post-RC investment rationale, i.e. core earnings holding up reasonably well, in an industry environment that is going to be less structurally challenged than initially feared.

To put things into context, though, I had also reduced my holding immediately after the APRA action (by a similar amount); thus, my buying back in has been mainly a reflection of my original investment case still holding after all, as a result of a benign regulatory outcome.

Overall, IOOF is probably worth a bit less now than I thought it was in June/July 2018, when I started buying in, but it is also trading at a much more discounted valuation; so, relative to the new set of fundamentals, I see it as justifying a similar portfolio allocation.