BP one year on: Newton's Frikkee moves overweight oil major

Newton's star income manager Tineke Frikkee has moved overweight BP, almost tripling her holding in the oil major in the £2.7bn Higher Income fund since February.

On the first anniversary of the Deepwater Horizon disaster, Frikkee said she has taken her position in BP up to 5.7%, compared to an average holding among her equity income peers and a FTSE 100 weighting of about 3%. In February she had just 2% in the stock. “BP has been drifting in the past three to four weeks so in that period we have moved from an underweight position gradually up to an overweight,” she said. “We think BP is too cheap and it is pricing in a worse scenario for the Rosneft deal than what we think will happen. “With the recent setback on the Russian discussions, we...