Geffen takes overseas allowance to limit in Income fund

Robin Geffen has used the full 20% overseas allowance in his £1.04bn Neptune Income fund and is shunning UK consumer facing stocks.

Geffen said soaring inflation, combined with government spending cuts, is hammering UK consumers, with retail sales falling in all sectors except petrol. As a result, he has no exposure to the UK consumer, instead looking overseas for dividend opportunities. "The fund currently has no direct exposure to the UK consumer and is focused on UK-listed companies with strong pricing power and exposure to international growth," he said. "The fund has also utilised its full 20% off-benchmark allocation to take advantage of high yielding opportunities in favoured sectors overseas." Geffen...