A comparative look at banks - March 2013

Looking at stocks from a global perspective, we believe, gives us a unique opportunity to compare and contrast businesses both on a relative and absolute basis. We have found over the years that what we learn about sectors and businesses in one region can be used to set a context for investment decisions in relation to businesses in other geographies. We believe that investors can generate better returns when they look at stocks from a global perspective, whilst also incorporating regional factors, in making investment decisions. One sector which we believe is more tightly incorporated to global business cycle than others and lends itself to cross regional analysis is the banking sector.