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Shrewd Snapshot: Lansdowne profits at Enterprise Inns

Rated managers Simon Knott and Adrian Frost have been in action and at pubs group Enterprise Inns hedge fund operation Lansdowne Partners has cashed in on the recent strong run in its shares.

* Lansdowne Partners, whose UK strategy is run by ex-Merrill Lynch stars Stuart Roden and Peter Davies, has offloaded 361,438 shares in the £3 billion pubs operator Enterprise Inns. This sale leaves Lansdowne with 13.9 million shares in Enterprise, equivalent to 4%.

Enterprise's share price (ETI) has surged from 714p to as high as 872p this year before a small correction recently. Last night it closed up 3p at 842p.

The pubs sector has been a hotbed of consolidation activity over the past two years and Enterprise has not been afraid to get involved itself. However in July it pulled out of talks with private equity group Cinven which could have led to a bid for rival landlord Spirit Group. This is consistent with chief executive Ted Tuppen's assertion in March that the company is not pursuing any substantial takeovers.

* Artemis' AAA-rated income fund (Artemis Income) manager Adrian Frost has added 1.3 million shares to his fund's holding in £195 million ports operator PD Ports (PDP), taking his total holding to 11.7 million shares or 6.7%.

News of his buying failed to lift investors' spirits at the ports company however and its shares slipped 3p to 110p at yesterday's close. It has been as high as 114p recently.

The UK's ports have enjoyed strong trading of late and many operators such as PD are attempting to increase the value of their businesses with property developments. PD has development planned at Victoria Harbour although it is still awaiting planning permission.

PD is also lobbying the government to promote its £300 million plan to build a new deep sea container terminal on the Tees.

* Simon Knott, A-rated manager of the Rights & Issues investment trust (RIII) and Discretionary unit trust (Discretionary Disc), has added to his holding in £10.1 million precision instruments business Intelek.

On behalf of the Rights & Issues fund Knott bought 248,881 shares to take its holding in Intelek to 8.5 million shares or 9.9%. Last week Intelek said although results for the second half would not be up to the same level as last year it still expected the full year to show an overall improvement in performance.

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