Geffen remains cautious on developed world headwinds

Neptune's Robin Geffen is maintaining a cautious stance within his £1.07bn Global Equity fund, fearing the "sustainability and breadth" of the recovery in the OECD economies.

Geffen, who is continuing to run a heavier overweight to emerging markets than sector peers, says his fund has avoided the full impact of the European sovereign debt-led downturn by focusing on domestic stories within developing economies. The Neptune Global Equity fund was top quartile in the IMA Global Growth sector over the second quarter of the year, falling 7.5% against an average 9.8% drop, according to Lipper. While emerging markets suffered the biggest quarterly drop since the fourth quarter of 2008, Geffen says developed markets fared worse due to their sovereign debt problem...