Intra-sector correlations within financials, as well as its correlation to other areas, have risen to levels last seen at the peak of the financial crisis in 2008, leading to diversification concerns for investors.
The rise in correlations has been driven by the strong performance of the sector, with the MSCI World Financials index up 31% over the second half of 2016 versus a 14% rise for the MSCI World. This...
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In June 2016, immediately before the Brexit referendum, a curious thing happened.