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David Jane Darwin fund buys banks for first time

TM Darwin founder David Jane has invested in banks for the first time in his multi-asset fund since it launched last May.

Jane, former M&G head of equities, says banks are trading at attractive valuations and he has bought two last month in the £11m TM Darwin multi-asset fund.

He says: “The long-term refinancing operations have reassured me in terms of capitalisation of the banking sector and valuations are attractive where they are trading at half book value.”

Deutsche Bank is now a two per cent position in the portfolio, which makes it a top ten holding, and Bank of America is a one per cent position.

Jane says that both banks are global and are well diversified in terms of the services they offer.

He adds: “Deutsche Bank will rebound if Europe quietens down, as it has a large presence there. The US is growing strongly and that will support Bank of America.”


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