Industrials Value opportunities

credit of the month


Rik Fennema
Dresdner Kleinwort Wasserstein

A combination of a cyclical recovery and the sector's role as a supplier of diversification in structured products resulted in industrial spreads tightening to levels that at the end of 2004 provided little value and spread differentiation. Against this background, we went into 2005 recommending to underweight industrials and more specifically longer-dated industrial t

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