NWG

Ariel's non-consensus approach seeks to identify undervalued, out-of-favor, franchises that are misunderstood and therefore mispriced. At the sector level, positive stock selection among Consumer Discretionary, Consumer Staples and Health Care were the greatest contributors to returns, while our Information Technology and Industrials holdings as well as overweight exposure to Utilities were the largest performance detractors. We initiated eight new positions during the quarter.

NatWest Group plc (NWG) Q3 2026 Earnings Call Transcript

The British high-street bank reported higher third-quarter pretax profit, helped by increased income following the acquisition of Evelyn Partners.

NatWest reports flat third-quarter profit, reaffirms outlook

Bandai Namco Holdings, Inc., was our top contributor during the quarter. Komatsu Ltd. advanced on an earnings beat and a subsequent increase to full-year guidance. Infineon Technologies AG declined during the quarter as investors reacted to softer-than-expected margin guidance.

The FTSE 100 Index has pulled back over the past few days, falling from this month's high of 10,891 to its current level of 10,670. The retreat continued this week as top companies like Barclays released their earnings and crude oil prices jumped.

NatWest faces union backlash after asking staff to spend at least two days a week in office

Shares in Lloyds and NatWest fell Friday as investors reacted to reports of a possible increase in the U.K. bank-profit surcharge. The bank surcharge is reportedly expected to rise to 8% from 3% in Finance Minister John Healey's budget later this month.

Lloyds Banking Group PLC (LSE:LLOY) and NatWest Group PLC (LSE:NWG) were among the leading FTSE 100 fallers on Friday as investors reacted to expectations that Chancellor John Healey could raise taxes on banks in the 28 October budget. Lloyds fell 1.9% to 103.85p shortly after 8:30, while NatWest dropped 1.8% to 662.2p, with the sector facing the prospect of a higher surcharge on banking profits.

European Banks remain an ‘overweight' sector for JP Morgan, with NatWest Group PLC (LSE:NWG) and Standard Chartered PLC (LSE:STAN) among its top picks following the sector's recent decline. Its preferred portfolio also includes UBS Group AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB) and ING, with Julius Baer newly added.