Banks may have beaten every industry group on the Stoxx Europe 600 Index since a July low in share prices, but European fund managers are still underweight.

While money managers have turned less bearish and now own the most bank shares since mid-2015, lenders still make up a smaller proportion of portfolios than they do in equity benchmarks, according to HSBC Holdings Plc. That’s despite a 50 percent rally in the past six months through Tuesday. The Stoxx 600 Banks Index rose another 0.6 percent at 12:55 p.m. in London, poised for a fourth day of gains.

“This gives an indication of how depressed fund holdings have been in European banks over the last 10 years,” HSBC strategists including Amit Shrivastava and Robert Parkes wrote in a note on Wednesday. “We believe that it is too early to call the end of the pain trade.”

Lenders are once again the biggest industry group on the Stoxx 600, accounting for almost 13 percent of the index after falling to third place in 2016. HSBC strategists have an overweight recommendation on European banks, saying the sector will fare well this year due to rising bond yields and fewer regulatory hurdles. Click here for more strategist views.

VimpelCom Ltd. (VIP) ended last trading session with a change of 3.04 percent. It trades at an average volume of 3.36M shares versus 8.91M shares recorded at the end of last trading session. The share price of $4.07 is at a distance of 51.78 percent from its 52-week low and down -8.79 percent versus its peak. The company has a market cap of $7.02B and currently has 1.72B shares outstanding. The share price is currently 7.81 percent versus its SMA20, 16.67 percent versus its SMA50, and 9.29 percent versus its SMA200. The stock has a weekly performance of 5.71 percent and is 5.71 percent year-to-date as of the recent close.

Transocean Ltd. (RIG) recently recorded 0.78 percent change and currently at $15.45 is 101.43 percent away from its 52-week low and down -7.26 percent versus its peak. It has a past 5-day performance of 1.51 percent and trades at an average volume of 14.37M shares. The stock has a 1-month performance of 15.73 percent and is 4.82 percent year-to-date as of the recent close. There were about 364.75M shares outstanding which made its market cap $5.64B. The share price is currently 3.72 percent versus its SMA20, 24.32 percent versus its SMA50, and 42.48 percent versus its SMA200.