Neptune's Turnbull takes largest ever financials position in China fund

Neptune's Doug Turnbull is holding his largest ever position in financials in anticipation of a rally for the sector, driven by looser monetary policy and reform.

Since the middle of last year the manager - running the Neptune China fund - has been adding to cyclical names, predominantly banks in the financial sector. He said improving economic data and looser monetary policy was making the region's banking sector more attractive, and he has upped his weighting substantially. Financials now make up 30% of the £77m portfolio and, although still underweight the 40% index position, it is the highest Turnbull (pictured) and co-manager Robin Geffen have ever held in financials in the fund's eight-year history. "The process of reform seems to be b...