Geffen: Banks' outperformance caught me by surprise

Neptune founder Robin Geffen has blamed an underweight to financials for the recent poor performance of the £922m Neptune Income fund.

The veteran investor's popular Income fund is one of the worst performers in the sector over the last 12 months, returning 11.9% to 1 February, behind the sector average return of 16.9%. That leaves it ranked 88 out of 96 funds, according to Morningstar. Geffen said the underperformance had in part been because of his underweight in banks, particularly in the UK where he had no exposure. “The top performing sector in the FTSE 100 was financials and the three UK domestic banks, RBS, Lloyds and Barclays, finished in the top ten performing stocks," he said. Geffen said he was surpr...