Henderson's Peak takes BP from zero to largest holding

Henderson's Stephen Peak has made stricken oil giant BP the top holding in his £288.2m UK Alpha fund after not owning the stock just six weeks ago.

Peak, who also initiated a 5.5% position in BP in his £73.8m long/short UK Opportunities fund, bought into the group during its sharp share price decline last month. BP dipped as low as 296p on 25 June, before rebounding back to nearly 420p last week. It is currently trading at 392p. Peak first bought into the stock at 420p, but continued to add to the holding all the way down below £3. The manager says opportunities such as BP are rarely available at such low valuations. A number of other Henderson UK managers have also bought into BP recently, Peak adds. "We did not own BP at ...