Martin Currie's Global Energy ups holding in shipping stocks on expectations of recovery

Martin Currie Global Energy fund manager Ruairidh Stewart has increased his exposure to shipping stocks in expectation of a delayed recovery.

Stewart, who manages the £41m fund with Duncan Goodwin, says shipping has been a tough market in recent years and has yet to start picking up from the lows caused by the credit crunch. He believes the pricing of vessels now suggests asset values are stabilising and has introduced a 4% holding into the fund, which marks its one year anniversary next month. “It has been a very tough market for shipping over the last year or two,” Stewart says. “You have a significant amount of supply coming into the market for the next year or so after the big boom in shipbuilding activity, but for the...