Despite predictions from Exeter's chairman that the company will make an overall financial loss for ...
Despite predictions from Exeter's chairman that the company will make an overall financial loss for 2002, the group maintains it has a number of positives to feed on in 2003.
The group has been adversely affected by its large exposure to the split capital trust sector in the past 12 months, although Philip Thitchener, marketing director at Exeter, said its exposure to quality splits should start to see asset values improve going forward.
Thitchener said there are signs this improvement has started, with the zeros sector up 15% since the middle of October 2002.
This is coming off a 40% fall over the previous 12 months, however.
He said: 'Sentiment in the sector will improve and we are anticipating a recovery in the share prices of many splits as discounts will inevitably narrow.'
Going into the new year, Thitchener said the group will continue to look for opportunities to diversify its business, as it did in June 2002 by picking up the contracts to run two Sanwa funds, the European Growth Trust and UK Growth Trust.
For intermediaries in 2003, Thitchener said the group's emphasis will be on its non-splits funds, Exeter Managed Growth, managed by Charles Rawson, and Global Opportunities and Pacific Growth, managed by Richard Scott.
Following intermediary demand, the group has also cut the minimum investment into Geoff Millar's Hidden Value Portfolio from £50,000 to £5,000.
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