Neptune CEO Robin Geffen is predicting a return to a bull market when foreign investors snap up 'steady eddie' stocks languishing at the bottom of the FTSE 100.
Although the fund manager did not give any particular timescale, he told investors at a conference this morning he has started to reduce the extremely high levels of cash on a number of funds. His £887m Balanced fund had more than 20% in cash at the end of October but Geffen said he has started to "trickle" this back into the market over the past few days. "We will know we are back in a bull market when we start to see steady eddies such as BAA, which often lurk at the bottom of the FTSE, being bought by foreign investors when sterling looks cheap," he said. "I have started to put ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
