US fund manager Brandes is nursing a paper loss of about £50m (€74m) since trebling its stake in UK broadcaster ITV in March.

Other big losers include its biggest shareholder Fidelity, which increased its holding to nearly 15%, despite the share price falling 31% since ITV was created two years ago. Barclays Global Investors, UBS, L&G, Prudential and Scottish Widows, which have raised their stakes since ITV floated, also sit on paper losses.