We increased our position in Wells Fargo (NYSE:WFC), our top holding at period-end. Despite the onslaught of reputational and regulatory problems stemming from a fake customer accounts scandal in 2016, we believe that Wells Fargo’s stock price reflects much of the bad news surrounding the company and that it offers the most attractive risk/reward opportunity among U.S. large-cap banks.
From T Rowe Price Equity Income Fund (Trades, Portfolio)'s second-quarter 2019 shareholder letter.
