Neptune's Wintle waits as more banks tank

Wintle says the problems facing the US banking sector are severe, as seen in the Bear Stearns fire sale. “We expect the global banking sector to enter into a new downturn, incurring further write-offs and profit declines as a result,” he says in a note to clients. The US Opportunities fund is currently holding 20% cash, with Wintle waiting to buy back in to equities when opportunities arise. “Whilst we are bullish over the year, we feel it is prudent to be cautious in the near term,” he says. “Despite the negative headlines concerning sub-prime mortgages and US banks, there will be part...