Buckley: Barings European Growth down 28.3% due to oil and banks overexposure

Barings' European Growth Trust manager James Buckley has blamed exposure to oil services and banks f...

Barings' European Growth Trust manager James Buckley has blamed exposure to oil services and banks for his poor performance over the past year. The Baring European Growth Trust is down 28.3% over one year, according to Morningstar statistics to 23 March 2009. By comparison, Morningstar data reveals the IMA Europe ex UK sector average has dropped 25.4% over the same period. Buckley attributes the underperformance to the fund's overweight position of approximately 5% in oil services last autumn. He says: "We were underweight banks and insurers, but we still had a bigger position in ab...