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Introduction
Lloyds (LYG) is a long-term holding in our portfolio, but the share price has been volatile due to the uncertainties around Brexit. Year-to-date, Lloyds has been the best performer (along with Barclays (BCS)) among large U.K. banks, outperforming the FTSE All-Share index by near 500 bps (excluding dividends, worth 6.3% in returns):
Since we published our first Buy recommendation on Seeking Alpha in April, shares have lost approx. 7% (after dividends), but have