Cholwill increased his exposure to the business from 16.49 million to 16.50 million or a fraction over 6% worth £4753 million at a share price of 288p, down more than 23% a peak of 353p.
The shares, which at their current valuation offer a dividend yield of 3.4%, are held in his £1.40 billion Royal London Equity Income fund.
Both Canaccord Genuity and Liberum both recently confirmed buy ratings on the stock with price targets of 320p and 379p respectively.
Sentiment toward the company turned decisively earlier this year after the company was forced to abandon a long-running and complex IT integration project.
In a recent update the company reported a 5% increase in core quarterly income, lower than its previous guidance, but added that its organic fund growth continued as expected.