Standard Life Investments' Harry Nimmo has admitted he made a "huge mistake" offloading his holding in Supergroup last month and is looking to buy back into the stock.
Nimmo bought into the retailer following its IPO last March, building positions in both his £1.3bn UK Smaller Companies fund and £178m UK Smaller Companies trust. The manager ditched the stock in July as he felt the valuation was overstretched and the infrastructure of the business would not be able keep up with its soaring share price. The stock fell from £15 to £11 in May, losing 22% on 12 May, causing Nimmo to reassess the holding. “I sold exposure because I felt the stock was growing far too quickly. At IPO I bought in at £5 and when it got to £12 I sold out as I felt valuation...
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