378445_brussels As previously reported, our holdings in European banks were sold earlier in the year. In recent months, share prices have dropped in the Royal Bank of Scotland and Barclays due to a weakening pound and the growing uncertainty around the Scottish referendum. Earlier this month, the Scottish vote gave us an opportunity to re-establish a position in both banks in the Vertex Fund and Vertex Growth Fund.

Currently, we have half of a position established. Should the Scots vote yes for independence and the share prices weaken, we will double our positions forthwith. Should a no vote take place, we will add to the positions slowly. With both companies trading well below book-value we see good opportunity, either way the vote goes.

The result of the referendum will be declared in a few hours.