Mark Martin, investment director and head of UK equities, Neptune
At 10% of the portfolio, Carpetright is a major holding in the Neptune UK Mid Cap Fund and one of its most contrarian positions, based primarily on the company's significant self-help potential as well as exposure to UK and European economic recovery. The company has recently appointed new management following the retirement of its founder. It is now undergoing a significant site rationalisation, exiting leases on underperforming stores and moving to convenient high street locations to materially reduce fixed costs. The company has improved its online offering and has launched an interest free credit service which should facilitate upselling to more premium products.
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