Shares of Lloyds Banking Group (LYG, Financial), a large British financial institution, advanced after the UK’s general election in December reduced uncertainty about Brexit. In our view, the company’s business is relatively stable and did not change much during the fourth quarter, but the evolution toward a possible resolution on Brexit reduced the discount on this stock.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund fourth-quarter 2019 shareholder letter.
