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
149/150 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: -1.88%
Citywire TV
Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter