Majedie's Parker holds firm on miners despite supertax threat

Majedie Asset Management's Adam Parker is standing by a weighting in miners almost double the FTSE All Share despite Australia's proposed supertax on miners' profits hitting the sector.

Adam Parker, who runs the £42m Majedie UK Opportunities fund, believes the long-term growth story of China, India, Indonesia and Brazil justifies his position. Last week, Australia’s Prime Minister Kevin Rudd said he would not be swayed from introducing the 40% tax from 2012. The initial news of the tax helped shear 7.1% off the value of UK mining shares by Wednesday last week. Parker has 23.8% in miners and metal processors, against the sector’s 12.3% All Share weighting. Parker holds 6.5% in small caps, some of which are mining companies, and 40% in Aim-listed companies. Mi...