The ValueAct Capital Q1 2018 letter to investors revealed a sizable position taken up in Citigroup this year, amounting to a $1.2 billion stake. ValueWalk obtained an excerpt from that letter, in which the activist hedge fund explained why it is betting big on bank stocks right now and also outlined its thesis for investing in Citigroup.
Citigroup compared to Microsoft
ValueAct Capital management said they were initially drawn to Citigroup about two years ago while conducting due diligence on Morgan Stanley, another key investment in the hedge fund's portfolio. The firm took up a $1.1 billion stake in the firm in 2016, but it held off on Citigroup...
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