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Himsworth adds oil and gas exposure to Eden select opps

Eden Financial UK equity fund manager Leigh Himsworth has added 5 per cent to oil and gas companies in the £15m Eden UK select opportunities fund.

He has increased the fund’s exposure from around 10 per cent to 15 per cent since December. He has bought a 2 per cent position in Heritage Oil and added BowLeven to the portfolio this year, which makes up a 2.5 per cent position.

He has topped up his Petrofac position by a few basis points over the last few months to 1.4 per cent of the fund.

Last Wednesday, Brent Crude Oil was trading at $123 per barrel.

Himsworth says: “I remain confident that the price of oil will remain high for a relatively long period of time. However, the oil price is running quite high and so I want the price to pull back to $115 or $110 per barrel before I commit more money to oil companies.”

Rowan Dartington head of collective research Tim Cockerill says: “The oil price has run its course and there is a case for the price to come back before managers top up on oil holdings.


House prices edge up in London but fall in North

The average house price in England and Wales rose by 1 per cent from £160,384 in December 2011 to £161,545 in January this year, according to the Land Registry. The average house price in England and Wales fell by 1 per cent on an annual basis, from £163,177 to £161,545. London saw the highest annual […]

Aviva committed to UK “hook, line and sinker”

Aviva has committed to retaining its UK headquarters despite EU plans to increase capital requirements through Solvency II. Earlier this month, Prudential said it was considering switching domicile as part of a range of options to “maximise the strategic flexibility of the group”. The provider said: “This includes consideration of optimising the group’s domicile, including […]

Aviva UK life and pension sales up 10%

Aviva’s group pre-tax operating profits decreased 2 per cent from £2.55bn in 2010 to £2.5bn last year, despite a 10 per cent surge in UK life and pension sales. The insurer’s preliminary 2011 results show UK long-term savings sales rose from £10.3bn in 2010 to £11.3bn last year. UK life and pension profits increased 8 […]

Coventry wins 17% slice of the mutual market

Coventry Building Society advanced £4bn of new lending in 2011, up by 14.3 per cent from £3.5bn in 2010. The figure represents 2.8 per cent of all mortgage advances in the UK and about 17 per cent of all lending undertaken by building societies and mutual lenders.Coventry’s annual results, published last week, show net lending […]

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]


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