Summary
MAJEDIE Investments' largest external shareholder, Henry Sackville Barlow, has upped his stake in the trust after a poor set of results for the last quarter of 2008. Sackville Barlow increased his holding in the Pounds 115 million global-growth trust from 29.75% of shares to 30.01% or 15,766,341 worth Pounds 26.01 million at yesterday's 165p close. The trust had earlier reported a 22.8% loss in the final three months of 2008 against a 7.9% benchmark loss, stung by a relative overweight in sterling and small-cap holdings. Its shares are currently at a 24.9% discount to net asset value although this has come back from a low of 34% in early December. The fund recently passed from manager Gill Leates to former Schroder head of equity Bill Baker, who is reviewing the UK and global businesses portfolio. In a statement issued alongside the results, the board said it was working with Baker "to produce more consistent returns, and reduce volatility" in performance.
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