Baron Financials ETF on JPMorgan Chase & Co.
Thesis
Baron initiated a position in JPMorgan Chase during the quarter after a share-price pullback created what it viewed as an attractive valuation. The firm considers JPMorgan an industry leader gaining market share in large global markets, supported by a trusted brand and leading return on equity. Its exposure to affluent consumers and businesses should also benefit from solid economic growth and benign credit conditions.
“Share price pullbacks during the quarter enabled us to purchase these dominant franchises at attractive valuations”