Bestinvest says
Manager Felix Wintle has outperformed over his career, but this performance has been accompanied by a high level of divergence from the benchmark. Wintle has made some aggressive sector calls, based on Neptune’s house views – these led to extremely strong performance during 2008 and 2009 but the fund has struggled at other times.
Research is focused on sectors favoured by the house top-down view, with ideas sourced from Neptune's in-house quantitative screen, from company news, company meetings and external research. These ideas are then researched in more depth by Neptune's global sector analysts before the stocks are discussed in a group forum. The fund manager has full discretion over the portfolio, but it is expected to reflect the house's sector and macro-economic views. A target price is set for each stock using the valuation model - stocks must have at least a 20% upside before being included. Stocks will typically be sold on reaching the target price, or on hitting a 20% stop-loss, or if the original investment rationale was incorrect.