Why the Italian banking crisis is an opportunity

The contrarian view of the European Equity team.

Playing the weakness in Italian financials on the back of the NPL crisis was one of our key themes in 2016. Since then, a number of steps have been taken to resolve the crisis and the Italian banking system is now on a much firmer footing. A year on from the depths of the crisis, we are taking the opportunity to explain our thinking at the time, how we played the crisis and review how those investments are performing.