Majedie returns to miners in Q2 but suffers bank hit

The team behind Majedie's £1.1bn UK Equity fund has bought back into miners, having avoided them for most of the second quarter.

Led by James de Uphaugh, the team said mining shares suffered throughout the quarter, but it bought back into Rio Tinto towards the end of the period. "We have avoided the large cap miners, whose shares fell sharply over the period, helping relative performance. "Towards the end of the quarter we purchased Rio Tinto, as wider acceptance of the Chinese slowdown provided an attractive entry point," the team said in its Q2 investment update. The fund underperformed its benchmark index by 0.7% over the quarter, with the team attributing the shortfall to bank holdings. "Barclays, whi...