Some investors are tiptoeing back into bank stocks after last week's selloff, but fund manager Ian Mortimer is staying clear.
Investors have fled bank stocks in droves since a crisis in the sector broke out earlier this month. The collapse of Silicon Valley Bank and Signature Bank in the United States, as well as the UBS rescue of Credit Suisse , exposed cracks in what has long been described by regulators as a resilient and well-capitalized global banking system. The SPDR S & P Regional Bank ETF slid 14% last week, although it has recouped some losses, up 6% so far week-to-date.
However, Mortimer is not fond of the dividend aristocrats — a select group of stocks on the S & P 500 that have increased their dividends in each of the past 25 years at least. "They are a helpful guide, but they do not correlate that highly with dividend growth," he said of the popular investing strategy.
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