Martin Currie Global Energy doubles oil services position

Martin Currie has more than doubled exposure to oil services and refining stocks in its Global Energy fund on the belief increased expenditure by large cap exploration companies will drive revenues for firms further down the supply chain.

Managers Ruairidh Stewart and Duncan Goodwin have also scaled back investments exploration and production and integrated oil and gas companies. At its launch in March 2009, the £40m fund had a 6.6% in oil services and 0% in refining. This has grown to 16.6% across the two sectors at end October. Stewart says he has taken a contrarian position, adding smaller oil service companies such as Amec, SBM Offshore and Technip. "We have increased exposure to oil services. The challenges faced by large cap integrated oil also have important indirect implications," Stewart says. "If they a...