Darwin's Jane buys banks for first time in years

Darwin's David Jane has bought back into banks for the first time in ‘many years' in the view they are trading well below book value and can rise significantly from here.

The manager has added Deutsche Bank and Bank of America into the Darwin Multi Asset fund. “Since the start of the year I have added a number of new names to the portfolio, most notably two banks. It is many years since I have owned any banks, but six years into the financial crisis, and with them heavily recapitalised but trading at well below book value, I feel the upside must now be looking a lot better,” he said. Jane added the move is part of a continuing shift of the portfolio towards a more pro-cyclical stance in equities in a play on the global economic recovery. Elsewhere J...