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Neptune bolsters financials holdings

Neptune Investment Management has introduced financials into the £976m Neptune European opportunities fund and added to financials in the £1.2bn Neptune global equity fund.

The company has been bearish on financials since 2006 but in the last month it introduced them into the European opportunities fund and decreased the financials underweight in the £1.2bn Neptune global equity fund. It had 9 per cent financials exposure at the end of October compared with 18 per cent in the MSCI world index.

Neptune has also taken off a 5 per cent short on financials in the recently launched global long/short fund.

Global equity and global long/short fund co-manager Ted Alexander, who would not disclose the size of the new holdings, says: “We see there is a chance that financials might rise as markets get more positive on a eurozone crisis resolution.

“However, there is every chance that European leaders will not have a coherent plan later in the year and the market could get pessimistic.

“The financials sector is facing a volatile time and taking the short off the global long/short fund was part of taking risk off the table as we are unsure about the direction the financials will go.”

Hargreaves Lansdown senior analyst Meera Patel says: “There are some good selective opportunities in financials and it is a sensible decision to be bold and invest in them.”


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