Clive Beagles of JO Hambro Capital Management (JOHCM) has for the first time in seven years invested in U.K. retailer Tesco, Investment Week reports. The move follows a change in the supermarket company’s dividend policy and a shift in its focus to capital and debt reduction.
Beagles has added a 2.6 percent stake in the group. In order to finance the acquisition of Tesco shares, Beagles also sold some of the £879 million JOHCM U.K. Equity Income fund’s stake in Sainsbury’s, the parent company of Sainsbury’s Supermarkets. He runs the fund with colleague James Lowen.
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