Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Dobell ups his backing for African Minerals

Dobell ups his backing for African Minerals

Tom Dobell, head of the £7.7 billion M&G Recovery fund, has upped his stake in troubled Sierra Leone iron ore producer African Minerals.

Dobell, the largest single fund manager invested in the business, increased his holding from 32.25 million shares to 33.79 million or 10.2% worth £85.49 million at a share price of 253p.

Shares in African Minerals are down 44.76% over the last 12 months, as operating losses have widened and a series of brokers have cut their recommendations against the company.

Speaking in October, Dobell expressed frustration with its underperformance but added that he maintained his faith in the business.

That faith was rewarded this week when it arranged a $92 million (£57.15 million) line of credit after poor weather delayed ore shipments. The delay had caused the company to warn that annual production would come in at the bottom end of previous estimates.

Over five years Dobell has returned 13.8% versus the average UK All Companies manager return of 2.4%. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter