Shah's bet on ITV pays off as shares surge 8%

Broadcaster ITV reported a climb in revenues and underlying profit this morning, boosting shares and providing a lift for supporter Sanjeev Shah.

Shah, manager of Fidelity's £2.3bn Special Situations fund, has been a vocal backer of the group, and runs a sizeable position in his fund. The stock accounts for 3.2% of his portfolio currently, and will have given his fund a significant boost today after shares in ITV jumped sharply. By 09:11am, shares in the group were up 8.3% or 6.7p, to 87.2p, their highest level since March 2011. Shah has backed media companies to thrive in the current environment, and holding BSkyB and Pearson alongside ITV. His strategy of picking unloved companies he sees as undervalued has struggled to...