Most of these international active managers got killed on bets on financials, especially UK banks which looked cheap pre brexit, then got smashed and much cheaper.
Will be interesting to see how that plays out, the EU banks are prob 1/4 the value of CBA on price to book.
US banks cheap too on same metrics, but increased capital reduced ROE.
Similar to AU banks who are expected to raise again this year or underwrite DRPs.
Most of these international active managers got killed on bets...
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