Henderson's Curtis scales back 'best investment of my career'

Henderson's Job Curtis, manager of the City of London Investment Trust, has taken profits from tobacco giant British American Tobacco (BAT) after a stellar decade for the group.

Curtis has held the stock over the last decade and said it was the best investment he has ever made, following a climb in the share price of more than 600% over the period. But he has begun to reduce his position in the stock, using the proceeds to buy into more cyclical opportunities. He said: "BAT is the best investment of my career. I am a value investor and it has done fantastically well in the last decade, but recently I have been taking some profits." In the last year, BAT has moved from £28.94 to £32.08, a gain of over 10%, but has fallen almost 8% in the past three months o...