SVM's Hugh Cuthbert has more than doubled his exposure to banks in his Continental European fund this year as the sector has proved resilient in the face of regulatory threats.
The FTSE 100 opened 0.11% higher to 5,211 in early trading following a flurry of M&A activity.
According to George Soros, often money is made by betting on the unexpected, as shifts in markets can occur suddenly.
Europe is likely to experience lower growth due to "fiscal austerity". However, as a result of the awkward outlook, European equities look inexpensive.
Peer group sees £8.5m outflow in May as three-year numbers disappoint, but average fund up 20.7% over one year