Balancing our banks for income

Of course we like the dividends - but we know they might be short lived.

Summary: The Income First model portfolio has an underweight exposure to the banking sector, with holdings in NAB and ANZ. Since inception of our model portfolio, the banking sector has pulled down the overall Australian market with poor performance, and dividend cuts look likely on the horizon. While the banks are currently presented as cheap, we have the future possible dividend reductions and regulatory pressure in mind.

Key take out: We are happy to continue to monitor the banking environment and believe the current underweight position will contribute to outperformance.


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