Exclusive: ValueAct invests $800 million in financial stocks in second quarter - letter [Reuters]
Citigroup, Inc. (C)
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Source: Reuters
Exclusive: ValueAct invests $800 million in financial stocks in second quarter - letter | Reuters 4 Min Read BOSTON (Reuters) - Activist hedge fund ValueAct Capital Management boosted investments in financial stocks by more than $800 million during the second quarter, citing attractive risk-adjusted values of big banks, according to a client letter viewed by Reuters. Financial companies, including Citigroup Inc ( C.N ) and Morgan Stanley ( MS.N ), now make up 35 percent of ValueAct’s portfolio and additional investment could follow, the firm said. “The large money center banks are safer investments than they have ever been in our lifetimes,” the letter said, calling bank stocks “irrationally cheap.” If bank stocks fall during a correction in the near term, it would be a “golden opportunity” to invest more, ValueAct said. A ValueAct spokeswoman declined to comment. Since the 2007-2009 financial crisis, big U.S. banks have padded their balance sheets with increased capital and reduc
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