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T Bailey mines specialist funds for exposure to resources

Multi-manager T Bailey Asset Management says it is keeping an eye on Oceanic Asset Management’s new Australian resources fund although it prefers to access opportunities in the region through global resources funds.

T Bailey has been bullish about the resources sector for the past three years.

However, a review of its growth fund at the end of June showed that a lot of the underlying managers of general equity funds were underweight in oil and gas because good opportunities could be found outside the resources sector.

The T Bailey growth fund has therefore put £2.2m into Investec’s global resources fund to compensate for the underweight position of general equity funds. It also holds JP Asset Management’s natural resources fund.

T Bailey believes resources stocks are best accessed via specialist managers. In the large-cap market, it says stocks such as BP and Shell are so well researched that only an expert can gain an advantage.

It says exploration stocks at the smaller end of the market need someone with knowledge of the quality of oil fields and with a high level of due diligence, which determines whether a speculative investment is good or bad.

Growth fund co-manager Jason Britton says: “We may look at the Oceanic fund but at the moment we are invested in two very good managers in the sector.

“We prefer to have global funds that can dip in and out of the Australian market as opportunities occur.”


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