Big Question: Neptune UK Mid Cap contrarian calls

Mark Martin, Investment Director, Head of UK Equities

At 10 per cent of the portfolio, Carpetright is a major holding in the Neptune UK Mid Cap Fund and one of its most contrarian positions, based primarily on the company’s significant self-help potential as well as exposure to UK and European economic recovery. The company has recently appointed new management following the retirement of its founder. It is now undergoing a significant site rationalisation, exiting leases on underperforming stores and moving to convenient high-street locations to materially reduce fixed costs. The company has improved its online offering and has launched an interest-free credit service that should facilitate upselling to more premium products.

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