23 July 2025 Global Equity Strategy Still Banking on Banks We have long been overweight banks and continue to be so strategically. Our colleague Gerry Fowler is also overweight banks on his REVS framework (see here). We see the following supports but as always note that one needs to pick the right regions and stocks. Macro: i) a hedge on rising populism. One of our largest top-down concerns is that populism results in ever-growing fiscal imprudence (last year was the first time in 120 years that in each of ...