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Banks and insurers look cheap

British banks and insurers will further outperform because they still look cheap despite a sharp rally this year, while telecoms and pharmaceuticals should also fare well, Nick Purves, a fund manager at Schroders said yesterday. Purves, who manages the £1.19bn Schroder Income Fund alongside Ian Lance, said some of those companies most savagely mauled by the downturn have the most potential to outperform as the markets stabilise.