Neptune's Alexander bolsters energy position

Neptune's Ted Alexander has moved from an underweight to a neutral position in energy in his £40m UK Equity fund since the end of last year.

He has increased his energy position from 11.8% to 17.5% since 2010, when the firm’s forecasts for the sector were less bullish than consensus. Unforeseen circumstances, however, such as the Egypt crisis, have helped bolster energy prices, prompting Alexander to increase exposure. The firm forecast the oil price would probably stay within the $80-$90 range, but oil surged above $90 in December and broke through the $100 mark in January. The underweight to energy was a major cause of the fund’s underperformance in the last four months. “Energy was an area we really got wrong in Q4,” Alexa...