Geffen piles almost half of Global Equity fund into US

Neptune's Robin Geffen has moved nearly half of his £950m Global Equity fund into US equities, his largest ever exposure to the region.

The fund's US position has jumped 14.4% since November to 44.4% as at 30 June, as Geffen predicted a rebound in the coming months despite deteriorating economic data throughout Q2. He said: "We believe that growth in the US is likely to accelerate again in the second half of 2012 on account of a rise in real household income due to the recent fall in energy prices, a rebound in inventories from the current low level and a moderate pickup in residential investment." Although he said economic data deteriorated slightly in the second quarter, triggering investor concern about the sustain...