Barometer Capital Management Inc. on Citigroup Inc.
Thesis
Citigroup anchors Barometer's newly established financials exposure and is viewed as a multi-year turnaround. Simplification of the franchise, exits from non-core consumer markets and improving profitability are strengthening the business. Rising capital returns are helping drive a re-rating from the stock's longstanding discount to peers and book value.
“its multi-year turnaround continued to gain traction.”