Money managers under the microscope
Octopus’s Crawford eyes FTSE at 5,000
Some good news for the bulls.
Octopus fund manager David Crawford believes this year’s equity rally could lift the FTSE 100 to the 5,000 mark, from just over 4,600 currently, helped by energy stocks.
The call backs up that from hedge fund manager Crispin Odey, who earlier this year pointed to the start of a new bull market and then recently said there is “every reason to be hopeful that a major correction will not happen before September”.
“The rally in March was from a position of strong risk aversion, thus the stocks that led the rally were ones that were too hot to handle for most – retail banks, miners and other cyclicals,” says Crawford.
“Some FTSE 100 energy companies may help the FTSE 100 rise to 5,000 over the next three months. Do we think it’ll reach 5,000? I guess so.”