The company has been bearish on financials since 2006 but in the last month it introduced them into the European Opportunities fund and decreased the financials underweight in the £1.2 billion Neptune Global Equity fund. It had 9% financials exposure at the end of October compared with 18% in the MSCI world index.
Neptune has also taken off a 5% short on financials in the recently launched Global Long/Short fund.
Ted Alexander, global equity and Global Long/Short fund co-manager, who would not disclose the size of the new holdings, says: “We see there is a chance that financials might rise as markets get more positive on a eurozone crisis resolution.
“However, there is every chance that European leaders will not have a coherent plan later in the year and the market could get pessimistic.
“The financials sector is facing a volatile time and taking the short off the Global Long/Short fund was part of taking risk off the table as we are unsure about the direction the financials will go.”
Meera Patel, senior analyst at Hargreaves Lansdown, says: “There are some good selective opportunities in financials and it is a sensible decision to be bold and invest in them.”