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Neptune China Special Situations Fund
The Neptune China Special Situations Fund specifically targets those Chinese companies that we believe are misunderstood by the market and therefore have share prices that are significantly below their potential. Drawing on Neptune’s industry sector research, the Fund invests in companies of all sizes, from niche small and medium sized stocks to large industry leaders.

Management Team

The Neptune China Special Situations Fund is managed by Robin Geffen, Douglas Turnbull and David Nelson. This team-based approach sees each member leveraging Neptune’s global sector research to contribute their top Chinese stockpicks, regardless of the stock’s size, to construct a highly concentrated portfolio of best ideas. It is a truly team-based process.

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FUND LITERATURE
The value of an investment and any income from it can fall as well as rise and you may not get back the original amount invested. This Fund may invest more than 35% in government and public securities in a number of jurisdictions. All applications are made on the basis of the Key Investor Information Document, Supplementary Information Document, Prospectus, most recent annual or semi-annual report and the Application Form, which can be downloaded above. Please read these carefully prior to investing. If you are unsure about the suitability of an investment please consult an authorised financial adviser. Potential investors in emerging markets should be aware that investment in these markets can involve a higher degree of risk.
Co-Fund ManagerRobin Geffen
Co-Fund ManagerDouglas Turnbull
Co-Fund ManagerDavid Nelson
Launch date15/12/2011
Fund size£1.7m
IMA sectorChina / Greater China
BenchmarkMSCI China
 
11741

Please note that on the 22nd April 2012 the Fund’s name and objective were changed. The past performance shown before this change was therefore achieved under circumstances that no longer apply. For further information please call our customer services team. 

This Fund may be higher risk than other funds and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the original amount invested. Investments in emerging markets may be higher risk and more volatile than investments in developed markets.
CUMULATIVE PERFORMANCE
 1 Year3 Year5 YearSince Launch
Fund (%)-7.68N/AN/A21.40
Index (%)-5.45N/AN/A16.50
IMA Sector Average (%)-3.21N/AN/A24.81
Sector Ranking17/23N/AN/A12/20
Quartile Ranking3N/AN/A3
Data as at 31.05.2014. Source: Lipper, B Acc Share Class, GBP1
DISCRETE PERFORMANCE
 31/05/1331/05/1231/05/1131/05/1031/05/09
 31/05/1431/05/1331/05/1231/05/1131/05/10
Fund (%)-7.6834.47N/AN/AN/A
Index (%)-5.4517.42N/AN/AN/A
IMA Sector Average (%)-3.2124.13N/AN/AN/A
Sector Ranking17/232/21N/AN/AN/A
Quartile Ranking31N/AN/AN/A
Data as at 31.05.2014. Source: Lipper, A Acc Share Class, GBP1
 
1. Performance data supplied by Lipper. C Accumulation share class, in sterling with net income reinvested and no initial charges. The performance of other share classes may differ. Reported date prices used for cumulative and discrete performance tables.
This Fund may be higher risk than other funds and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the original amount invested. Investments in emerging markets may be higher risk and more volatile than investments in developed markets.
Neptune funds are not tied to replicating a benchmark and holdings can therefore vary from those in the index quoted. For this reason the comparison index should be used for reference only.
Copyright 2014 © Lipper, a Thomson Reuters company. All rights reserved. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
 
 
 
 
Co-Fund ManagerRobin Geffen
Co-Fund ManagerDouglas Turnbull
Co-Fund ManagerDavid Nelson
Launch date15/12/2011
Fund size£1.7m
IMA sectorChina / Greater China
BenchmarkMSCI China
 
The first quarter of 2014 was difficult for Chinese equities. The MSCI China Index fell -6.48%, against which the Neptune China Special Situations Fund underperformed with a return of -9.47%. Since launch, the Fund has gained 22.40% versus the Index gain of 14.55%.*
The market’s weakness was relatively unsurprising given the rush of excitement in the aftermath of November 2013’s plenary meeting of the Chinese Communist Party, where the tone was more pro-reform than some had expected. The market pulled back, partly in line with the broader emerging markets (caused by concerns about global growth and the impact of the US Federal Reserve’s tapering), and also with the realisation that the reform agenda would result in both slowing growth and a tough operating environment for many large Chinese companies. In this environment, the market leadership also became ever narrower. Only a handful of stocks led the market until the final weeks of the quarter, when we saw a rotation away from those high-growth areas towards the large ‘losers’ of the past year. This rotation was triggered in part by comments from the Federal Reserve that were interpreted by many market participants as being more hawkish, and in part by marginally more positive incremental policy noises in Beijing. These moves were also exacerbated by the extremely bifurcated positioning that had developed within the market.
In the face of this, we did make some changes to the portfolio. We sold a few of the underperforming names in which we had lost confidence and also added to some on where we retained confidence in the investment case. Similarly, there were a few new stocks added to the portfolio, such as a high-end oilfield services company, a solar wafer manufacturer and a business with strong distribution capability leveraged to the massive consumption growth across China.
Overall we have not fundamentally changed the structure of the portfolio. We remain focused on quality businesses uniquely positioned to capture growth in China and which we believe are set to benefit from the steady progress of reform.
 
*Performance data supplied by Lipper; C Accumulation share class performance, in sterling with net income reinvested and no initial charges. IMA sector averages and rankings may change at any time as a result of closure, movement between sectors or price amendments by competitor funds. Where references to specific securities are made, they are for illustrative purposes only and should not be regarded as recommendations to buy or sell these securities.
This Fund may be higher risk than other funds and past performance is not a guide for future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the original amount invested. Investing in emerging markets can involve a higher degree of risk. Less developed markets are generally less well regulated than the UK and do not have the strict standards of accounting and transparency present in developed markets. Some emerging markets may have relatively unstable governments, economies based on only a few industries and markets that trade only a limited number of securities. As a consequence, both the value of investments made and the ease of which the underlying securities can be bought and sold may be adversely affected. Exposure to a single market increases potential volatility. Retail clients, if necessary, should consult an investment adviser or authorised intermediary.
Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this update is deemed to be impartial research. Any forecasts on the page are indicative and are not guaranteed. We do not undertake to advise you as to any change of our views. This is not a solicitation or an offer to buy or sell. All information and advice is given in good faith but without any warranty.
SECTOR ALLOCATION (%) as at 30/04/2014
Consumer Discretionary39.6
 
Information Technology16.7
 
Industrials11.6
 
Financials11.0
 
Consumer Staples8.6
 
Energy7.0
 
Materials3.2
 
Health Care2.3
 
Source: Neptune
 

The market commentaries found on this page relate to regions which this Fund may invest in. For quarterly commentary that relates directly to this Fund please click here.

 
All Market Commentary
 

How to Invest

Neptune funds can be invested in directly by filling out an application form, which can be downloaded below. Our funds are also available across a number of fund supermarkets and life company platforms.

All applications are made on the basis of the Prospectus, Key Investor Information Document, most recent annual or semi-annual report and the application form. Please read these carefully prior to investing. If you are unsure about the suitability of an investment please consult an authorised financial adviser.

Contact your IFA

The following websites can be used to help you find an independent financial adviser:

www.searchifa.co.uk

www.unbiased.co.uk/find-an-independent-financial-adviser

 
 
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FUND LITERATURE

To request hard copies of our literature please call 0800 587 5051.
Phone lines are open on weekdays from 9am to 5pm UK time.

 

Please note that for security purposes and for your protection phone calls to Neptune may be recorded and monitored. Neptune will never contact investors by phone or email requesting personal details or account information. If you receive such a request, please notify us and do not respond to it.

These webpages are intended as a summary only and therefore potential investors should read the Key Investor Information Document, Supplementary Information Document and application form before investment. The Key Investor Information Document and Prospectus will cover any investment restrictions and specific risks applicable to this fund.

 

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