Citigroup's report of a profitable start to 2009 notwithstanding, earnings in the financial sector have been dreadful. So why is Fifth Third Asset Management's Mary Jane Matts so enthusiastic about financials?
"The way we look at it is based on normalized earnings, so we attempt to find the mid-cycle earnings power for each of the companies," she told CNBC.
"You'll always get the wrong conclusion if you base it on current earnings."
Those who shun the sector for now, she feels, are in for a downside surprise.
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"When we look back, we'll see that financials were the biggest gainers from the trough of this market to, say, 12 months out," she said. "I think the risk is in trying to pick the bottom in a particular sector."
She's also finding value in industrials, in health care, and in telecom.
Where the Giants Are Now:
Bank of America
Disclosure information was not available for Matts or her company.