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Neptune making waves with Euro fund

Overweight positions in energy and industrials and returns of over 50 per cent have seen the Neptune European opportunities multi-manager fund grow to £25m since launch in November 2002.

Fund manager Barry Norris claims the fund has been snapped up by multi-managers that want to tap into the 3.5 per cent yield and 13 times earnings price.

Since launch, the fund has returned 50.76 per cent against a sector average of 28.28 per cent. Over the last month, it has risen by almost 30 per cent compared with a 14 per cent increase in the MSCI Europe excluding UK index and it is rated first out of 98 in its sector.

The fund has a concentrated portfolio of 30 to 50 high conviction stocks and is overweight in financials, energy and industrials. It is planning to launch an income share class in 2005 which will attract investors looking to tap into dividends.

Norris says: “In 2004, the fund saw some strong returns from the oil sector and we expect the oil price to remain high. The industry has been starved of capital investment and as a result there is very little spare capacity to meet growing demand.”

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