Invesco Perpetual's Walker: Why I am still positive on oil

Valuation anomalies

Martin Walker, fund manager at Invesco Perpetual, looks at the anomalies in terms of valuations that the stockmarket volatility of the past year has created.

I have used these to reposition the portfolios that I manage, taking advantage of what I see as attractive risk/reward profiles currently being offered. I have increased weightings in banks, oil, and mining sectors, while also retaining the overweight position in the telecoms sector. The latest fall in the oil price, to a new 12-year low, overshadowed the vote by shareholders of the two companies overwhelmingly in favour of the purchase of BG by Royal Dutch Shell. I hold both companies in my portfolios and voted in favour of the deal, which I see as allowing Shell to accelerate its po...