She notes that the group has historically underperformed the market for 1-3 quarters leading up to an economic downturn, due to cyclical exposure and concerns about weaker consumer spending.

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"Significant management changes have been implemented, a universal banking business model offers its own diversification attractions, whilst cyclical economic exposure and the lack of government ownership also appeal, " he said.

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Out go outfits with heavy exposure to cyclical commodities or peculiar accounting practices.

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