Aegon's Adams says managers 'capitulated' on BP

Aegon's Stephen Adams says he is comfortable retaining his position in BP and claims many managers are guilty of "serious capitulation".

Head of UK equities Adams, who runs the £186.1m UK Equity fund, has been underweight BP relative to the FTSE All Share index throughout the ongoing oil spill in the Gulf of Mexico. At present, the fund is 0.5% underweight with a 4.69% holding. "We intend to keep our current position unless they have a decent rally. There is still too much uncertainty in the short term to add at these levels but value exists in the shares longer term," Adams says. "At the back of my mind, I also think the fund will already be overweight the stock relative to the peer group. "I am comfortable wit...