Asante buys Anglo American for first time since crisis

First State Investments' Jonathan Asante bought into Anglo American for the first time in three years ahead of its purchase of 40% of diamond producer De Beers last week.

News of the $1.5bn deal, which takes Anglo’s total stake in De Beers to 85%, sent the resources firm’s share price 3.5% higher. Asante, the group’s head of global emerging market equities, now owns the stock in his £1.8bn Global Emerging Markets Leaders fund, and has also added copper miner Antofagasta to his £122m Latin America fund. However, Asante has ruled out any similar purchases as he believes the vast majority of emerging market cyclical businesses are too risky to hold. Instead the fund will retain its defensive stance, with significant underweights to banks, energy and ...