Qatar’s Sovereign Wealth Fund Gradually Acquires Shares of BofA
Over the course of a couple of years, the Qatar Investment Authority (QIA), through Qatar Holding, has purchased about US$ 1 billion worth of Bank of America (BofA) stock, according to a source quoted by the Financial Times. Purchases were increased when the BofA share price was between US$ 7 to US$ 8. The bank hovered within this price for roughly 7 out of the past 24 months.
The source also noted that the purchases are being made as a way to gain exposure to the U.S. financial recovery.
Over the past two years ending November 4, 2013, BofA has returned just over 91%, closing at US$ 14.04 with a beta coefficient of 2.83. The S&P 500 returned 37.6% during the same time period.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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