Damaskos ups equity exposure by 20% on Junior Oils

Natalie Kenway
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Angelos Damaskos, manager of the £54m Junior Oils Trust, has bucked the trend to move defensive over the summer by increasing his equity exposure by 20%.

Damaskos, also CEO of Sector Investment Managers, liquidated a third of his bond portfolio and invested most of his cash in oil equities as he pointed to a valuation gap between the price of the commodity, around $100 a barrel, and the share prices of oil equities. "We estimate oil equities as a sector are discounting oil prices at the $75 per barrel level, indicating either the oil price is expected to drop significantly or now is a good buying opportunity for those who, like us, believe oil prices are supported at current levels. "Independent of market conditions and the European fi...

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