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US deep value firm lifts BlackRock New Energy stake above 11%
by Sarah Miloudi on Sep 10, 2012 at 11:46
US deep value investors Weiss Asset Management has lifted its stake in BlackRock New Energy above 11%.
According to a filing issued today, global asset manager BlackRock was notified of the position on 6 September, when Weiss decided to up its position in from 20,150,312 shares to 23,150,312 shares.
In June, the board of investment trust BlackRock New Energy, which is managed by Poppy Allonby and Robin Batchelor, offered shareholders the chance to exit the fund for cash at net asset value (NAV) at the next annual general meeting in February 2014.
The £86 million vehicle, which trades at 31p per share, underperformed over the three months ended in July. According to its most recent update to investors, its NAV fell by 5.3% and by 18.7% over one year.
The board's move to offer shareholders the opportunity to exit was designed to reduce its 14.9% discount, it said at the time. However, the trust's board also said it would help the fund position for the future as it hoped for a recovery in the new energy sector over the months ahead.
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