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Dan Kitwood Investment thesis Our current investment thesis is: HSBC is not the business it was a decade ago or even half-a-decade ago. Management has done well to incrementally improve the business, similarly to that observed with Barclays and Natwest. While there is still further improvement ahead, we believe it has reached the point of being a long-term hold within a diversified portfolio. The company perfectly supports the old and the new world, is diversified by business lines, and is too big to fail, doing all of this with market-leading capabilities and a renowned brand. We expect its near-term performance…