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.

Related Fund Managers

Tom Dobell
Tom Dobell
160/161 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: -8.26%
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter