First Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio.
Banking, financials, interest rates, M&A, Regional Banks, value
Fund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book.
Banking, Capital markets, financials, interest rates, M&A, Regional Banks
Manager remains optimistic about regional banks in 2025, citing benefits from interest rate cuts, expected loan growth acceleration, and improved M&A environment under new administration. Regional banks are viewed as undervalued compared to historical averages and positioned to benefit from flattened yield curve and repricing of maturing loans.
Bank of Hawaii, dividend yield, financial performance, Hawaiian economy, Interest rates, Liquidity, loan book, net interest income, preferred shares, tangible book value
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name, total assets under management (AUM), invested value,
portfolio weight, and shares owned. It also tracks changes in
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of shares bought or sold and the percentage of outstanding shares
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helps investors and analysts monitor the stock positions of major
funds, identify investment trends, and assess the influence of
large investors on individual stocks.
