Top U.K. fund manager Robin Geffen has increased his Neptune Global Equity fund’s U.S. allocation to its highest level ever, saying that the American economy stands out among other developed economies.
“It has the highest estimated GDP growth, a supportive Federal Reserve and a willing and active government which is ready and able to intervene when necessary,” Geffen tells fundweb.co.uk. “Economic data has been improving over the last three to four months, in stark contrast to other areas such as Europe, and the feared double dip looks sure to be avoided.”
Geffen, who now has 35% of the fund invested in the U.S., is playing offense with the portfolio, Fundweb reports, with high weightings in sectors like industrials and energy and underweightings in healthcare. He says the U.S.’s history of innovation is part of his reason for being bullish on the country. “The US is consistently boosted by breakthrough innovation that we are currently witnessing via Apple in the tech sector and also in the energy space via new technologies harnessing gas and oil from shale,” he says.