Burnett boosts cash on Europe debt and double-dip concerns

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.

Burnett believes the recovery on the Continent is fragile, saying quarter-on-quarter data indicates the eurozone – with the exception of France – is heading back into a recession. However, the manager is more concerned on the effect of the sovereign debt problems on the markets. While Greece has been in the headlines, Burnett says many other nations face related pressures – including Portugal, Ireland and Spain. Burnett says the £1.04bn Neptune European Opportunities fund has been underweight in all the relevant countries since November 2008. The manager is also cautious on the eur...