Fund Manager Comments: Banks, Banks, and More Banks

Our monthly highlight of comments from leading fund managers

Introduction: This is the April edition of our monthly “Fund Manager Comments”, where we track public comments by key institutional fund managers and try to draw lessons from their decisions, especially where these overlap with our own holdings and research coverage (links to our content included where relevant).

With the crises at Silicon Valley Bank and Credit Suisse still fresh in our minds, we highlight comments related to banks from Troy and The London Company (who don’t like banks), Bronte Capital and Warren Buffett (who do), Harris Associates (who may wish they didn’t) and Lindsell Train (who don’t like banks but like some stocks tied to banks).

Why Some “Quality” Investors Avoid Banks

We start with comments from Troy Asset Management CIO Sebastian Lyon and his Trojan Fund co-manager Charlotte Yonge, who wrote in their latest investment report why they will continue to avoid bank stocks:

“Following banks’ robust share price performance in 2022, we were asked more than once in Janua…