Sarah Ketterer, chief executive of Causeway Investment Management, thinks she sees one particular bargain among the “recklessly priced” European banks.

Barclays sits in the middle of Brexit concerns and has battled an activist investor who wants the bank to rethink its ambitions and narrow its focus, Barron’s reported.

“Everyone has given up on it,” Ketterer told Barron’s.

“But Barclays has cleaned up its balance sheet, has a good credit-card and mortgage-lending business and is investing in technology—and Ketterer thinks the company can return more cash to shareholders on top of 4.9% dividend yield it already pays,” Barron’s explained.

“It seems so obvious that it’s valuable,” Ketterer said.

The 12% return this year for the $6.8 billion Causeway International Value (CIVVX) fund Ketterer co-manages has beaten three-quarters of its peers, and its 8% average annual return over the last decade has outpaced 84% of peers, Barron’s reported.

For its part, activist investor Edward Bramson lost his battle for a seat on the board at Barclays after shareholders voted against his bid to overhaul the under-fire investment bank from within, Reuters reported.

Speaking to reporters on the sidelines of the lender’s annual meeting on Thursday, the activist said fellow investors had been swayed by personal appeals from Barclays’ incoming Chairman Nigel Higgins for the opportunity to resolve the investment bank’s long-standing problems.

Bramson said his investment fund Sherborne Investors disagreed with giving the bank more time, arguing that he had seen little change at Barclays before the last six weeks, following the surprise exit of investment bank boss Tim Throsby in March.

New York-based Bramson has been sparring with Barclays for more than a year over his plans to shrink the lender’s investment bank to improve its lackluster returns.

But only 12.8 percent of votes cast voted in favor of Bramson’s resolution, equal to 3.9 percent of the bank’s shareholders, excluding the Sherborne stake.

The result indicates broader confidence in Chief Executive Jes Staley’s plan to boost the bank’s fortunes by prioritizing growth in the investment bank.

Staley’s strategy has included a costly hiring spree of rainmakers and a diversion of capital from Barclays’ retail arm towards higher risk lending and trading activity.

Bramson said there was “an option” to keep Barclays’ investment bank but only if it could become a worthwhile asset for investors.

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