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Operating under three separate brand names (Banco de Chile, Banco Edwards-Citi, and Banco CrediChile) Banco de Chile is the second largest in the country by loans and third largest by deposits. Banco de Chile generates most of its net interest income (roughly 60% of total revenue) from its mortgage, unsecured consumer credit lines, and commercial loans, with 25% of its outstanding loans being made to firms with more than 10,000 million CLP in revenue. Outside of its banking business, Banco de Chile is the largest asset manager in the country and one of the largest security brokerages, supporting its substantial fee-based revenue.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

Each month, we take a close look at an aspect of sector investing. This month, we are examining growth and valuation. Investors hunting for stocks that reasonably balance long-term growth prospects and current value characteristics might want to look at companies in the Financial, Communication Services, and Healthcare sectors. These are among the industry groups that are currently selling for PEGY ratios -- (price/earnings)/(growth+yield) -- at or below the S&P 500's ratio of 2.4. To generate the PEGY ratios, we use the P/E ratio for each sector based on forward earnings for the numerator. For the denominator, we average the growth rates for the past five years along with two years of forward estimates, this in order to achieve a less-volatile trend of earnings growth. Then we add the current yield to approximate total return. As an example, the current S&P 500 P/E ratio is 21, the current yield is 1.6%, and the forecast five-year growth rate is 7.1%. The formula is 20/(1.6+7.1) = 2.4. Sectors with favorable growth and valuation characteristics, in addition to the three listed above, include Energy, Real Estate, and Utilities. Premium-valued sectors with low growth rates include Consumer Staples and Materials. Based on our analysis of growth rates and valuations, along with other factors, we have established our current over-weight sectors as Technology, Financial, Healthcare, and Communication Services. Our under-weight sectors are Energy, Materials and Consumer Staples. Our Market-Weight sectors are Consumer Discretionary, Utilities, Real Estate, and Industrial.