Some of Australia’s biggest large cap investors have been caught on the wrong side of one of the year’s most crowded trades after piling into CSL as an alternative to holding a big position in Commonwealth Bank.
CSL has become the most common blue-chip stock to overweight across major portfolios when funds looked to reduce their exposure to Australia’s biggest bank. The pharmaceutical giant plunged by double digits last month on the same day as it cut its full-year earnings and revenue forecasts.
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