Dobell promotes BP to top stock in £5.35bn M&G Recovery

M&G's Tom Dobell has boosted BP to the largest position in his £5.35bn Recovery fund, believing its recent decline represents a rare opportunity to invest in one of the UK's leading companies.

Dobell has a £326m stake in BP, accounting for 6.1% of the portfolio at end July. The manager boosted this exposure from 5% a month earlier. While the Gulf of Mexico disaster sent BP shares down below 300p in June, Dobell still believes the company owns some of the best oil assets in the world and can deliver real value to shareholders. BP's share price has been hovering around 400p for the past month, after seeing a sharp bounce in early July. Henderson's Stephen Peak is another manager with a high conviction in BP, taking the stock from zero to the top holding in his £288.2m UK A...