Geffen hits back after Principal warning

Neptune CEO Robin Geffen has hit back at Principal's latest income study after it recommended investors ditch his £1bn Neptune Income fund.

In the February 2012 income study from Principal, the group put the Neptune Income fund on the Grey List with a ‘switch' recommendation, warning the fund's growth emphasis is likely to disappoint this year. However, Geffen has fired back, arguing over the past year the fund delivered a yield of 5%, in excess of the IMA requirement of 3.9%. He added over a five year view he has outperformed the wider market, with the fund sitting above the average fund return on Principal's White List if longer term performance was taken into consideration. "If you look at net dividend yield and net...