Aggressive Portfolio Trade: Selling Credicorp Today

The change in government thesis in Peru has played out, time to close this trade.

Summary

• The aggressive portfolio added shares of Credicorp (BAP), Peru's leading bank, late last year.

• I expected the country's sudden transition from a communist to center-right government to lead to a major rerating in Peruvian shares.

• The stock has rallied, though not as far as I expected.

• With more protests coming up soon, I am moving to the sidelines.

I…