Michael Smedley Hub International HBG-T BUY Oct 25, 2002

A Cdn$ denominated ETF holding about 50 banks in about 17 different countries. About 25% exposure to the Northern European banks, and 40% to the US banks. The real key is the money manager, Rob Wessel, who has 20 years in the business. The valuation of the European banks is incredibly low. They are also buying some banks in India and Australia.

(A Top Pick Oct 6/16. Up 23%.) This bank ETF was interesting to him because it was actively managed, Cdn$ denominated and with mostly foreign exposure.

He owns this as well as the XLF-N, Goldman Sachs and other stocks in the US financial space, which has fallen from a growth to a value space. It's curious why this space hasn't performed so far this year. There's a lot of pent-up valuation in these names. Sit tight and hold.