Tetrem Capital Loves Canadian Banks: Toronto-Dominion Bank (TD), Royal Bank of Canada (RY), Bank of Nova Scotia (BNS)

Royal Bank of Canada (NYSE:RY) comes in at number two terms of the top equity investments of Tetrem Capital, which held 2.90 million shares of the bank, valued at $221.46 million. Bubis cut his position in Royal Bank of Canada by 2% during the second quarter and rightly so, as the shares of the bank have declined by 15.69% year-to-date. Royal Bank of Canada (NYSE:RY) is trying to streamline its business and as a part of the transformation, it announced the sell-off its Switzerland-based private banking business to SYZ Group. Royal Bank of Canada (Suisse) SA or “RBC Suisse” provides private banking to high-net-worth clients from Latin America, the Middle East, and Africa. Royal Bank of Canada (NYSE:RY) is expected to announce its fiscal third quarter 2015 financial results on August 26, with the market expecting EPS of $1.33 over revenue of $8.13 billion. Fisher Asset Management, led by Ken Fisher, is another hedge fund in our database slashing its position in the company, as it sold 6.64 million shares during the second quarter, leaving it with just 102,319 shares valued at $6.26 million at the end of the second quarter.

Another Canadian bank, Bank of Nova Scotia (NYSE:BNS), found a place in the equity portfolio of Tetrem Capital, the third-place to be exact. The investment firm reported ownership of 2.69 million shares of the bank, with market value of $173.40 million. Much like its top two investments, Daniel Bubis trimmed his position in Bank of Nova Scotia (NYSE:BNS) by dropping 23,925 shares during the quarter. Bank of Nova Scotia (NYSE:BNS) follows a similar trend as that of the Toronto-Dominion Bank and Royal Bank of Canada, with a drop of 18% in its share value year-to-date. The bank will announce its fiscal third quarter 2015 financial results on August 28, with expected EPS of $1.18 over revenues of $6.20 billion. In its fiscal second quarter 2015, the bank faced a 12.2% decline in its revenue year-over-year, though its earnings and revenues were above the market’s expectations. Cliff Asness’ AQR Capital Management held a major position in Bank of Nova Scotia (NYSE:BNS) at the end of the first quarter with 1.58 million shares valued at $79.23 million.

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