Schroders' Andy Brough has sold his entire holding in Sports Direct, exiting one of his longest and highest-conviction holdings.
Brough (pictured), manager of the top-performing £1.6bn Schroder UK Mid 250 fund, held an 8.5% position as recently as July, making him one of the largest shareholders in the sports clothing retailer. As of last November, Schroders was the second largest external shareholder in Sports Direct. Its holding of 25m shares was second only to Odey Asset Management's 43m share stake, according to S&P Capital IQ. Odey remains the largest institutional shareholder in the firm, which is run and majority-owned by Mike Ashley. Brough first bought the retailer in February 2008, following a d...
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