Bestinvest says
In the past the manager has used aggressive portfolio management techniques, including a high cash weighting and the use of shorting, in order to outperform the market. These techniques were particularly successful during the 2008 financial crisis, but investors should note that at times the portfolio will not be fully invested in shares.
Neptune is an active manager with a process based on identifying phases in the economic cycle of each global sector. Sectors are then weighted accordingly and stocks selected to populate those sectors. Analysis at Neptune is split into three simultaneous, although parallel, research areas: economic regions, global sectors, and individual companies. Neptune tends to favour global companies that tend to dominate within the sector or sub sector in which they operate. Companies that are examined in more detail are selected principally via global sector research, but are augmented by in-house financial screening techniques on a variety of metrics. External research and company visits are also used for idea generation and ongoing coverage. Each company is analysed and assessed on the basis of its management, operational characteristics, future business prospects and resultant financial flows. Valuation models are used to set target prices. Currency hedging may be used.