The team has held the Neptune income fund for some time and has been watching the performance of European opps, which it found to be impressive over the last three years.
European opportunities has been managed by Robert Burnett since the summer of 2004. It is constructed using a combination of top-down analysis generated by Neptune’s sector team and Burnett’s own bottom-up stock selection.
The portfolio is underweight in financials as Burnett believes they may still have further to fall and prefers consumer staples, healthcare and cash.
Henderson expects the portfolio’s defensive position to change over the next few months to reflect Burnett’s view that the European economy will stabilise towards the summer.
Multi-manager head Katy Gladstone says: “Neptune European opportunities is a fund we have been keeping our eye on for a little while. We like Rob’s pragmatic take on investment and focus on performance. In our meeting, he chastised himself for not having enough tracking error or making moves aggressively enough in 2007, as this meant he did not outperform by as much as normal. It is an attractive attitude in a fund manager and is one that is found all too rarely.”