Neptune's Rob Burnett has built up a 10% cash weighting in his European Opportunities fund and is continuing to position defensively in response to the region's recent economic concerns.
There is momentum gathering behind the argument that Europe is the sick man of the World.
Since when has hyperbole become a staple of investment analysis?
The sharp rally in European equity markets appears to have run ahead of the fragile economic recovery but there still seems to be scope for further setbacks.
The euro area is interesting because the economies of the 16 member states are quite diverse while representing a broad risk spectrum.
The fund celebrates its silver anniversary as one of the longest-established UK vehicles by standing first in IMA European Smaller Companies sector