Cheeseman swaps Argonaut for Neptune Euro Opps

F&C’s multi-manager team has sold out of the Ignis Argonaut European Income fund in favour of Neptune’s European Opportunities.

The team, led by Dean Cheeseman, believes Rob Burnett's Neptune fund is more capable of delivering out-performance in 2010 and has added it to both its £46.41m Lifestyle Balanced and £27.83m Lifestyle Growth portfolios.

Cheeseman says although the Ignis fund has delivered steadily against the FTSE Europe ex-UK index, the team is concerned its income focus could result in the fund struggling to keep pace with the wider market.

"Neptune European Opportunities, like Argonaut, has a bias away from large caps, but its mandate permits greater latitude to extract value where the manager best sees fit," he says.

"Within both Lifestyle Balanced and Lifestyle Growth, we believe Neptune, with its pragmatic mandate, will complement our existing core European strategy of Cazenove European and hold positions of 2.5% and 2% in each portfolio respectively."