Neptune's US fund manager Felix Wintle is set to dump technology stocks and sell banks as he attempts to steer his £673m US Opportunities fund out of the bottom quartile.
Wintle said being positioned in both sectors over the past year has cost his fund, leaving it 10% behind the S&P 500. He has also lagged the IMA North America sector average, losing 3.2% compared to the sector average return of 4.8%. Wintle plans to ditch stocks including Nvidia and F5 Networks, which hampered the portfolio’s returns, as part of a rotation into more defensive sectors. “Although the underperformance over the last year has been stock specific, the fund did suffer from sentiment turning in technology stocks at the beginning of the year following a strong Q4,” said Wintle...
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