Old Mutual Global Investors' Richard Buxton has bought back into luxury retailer Burberry despite the firm reporting weakening sales growth in China, calling its recent downgrade "modest".
Buxton (pictured), manager of the £2.2bn Old Mutual UK Alpha fund and head of UK equities, previously held a 3.2% position in Burberry in 2012, when he ran the Schroder UK Alpha Plus fund. The firm announced poor third quarter results last week when underlying retail sales rose by just 2% to £774m on the back of weakening growth in China. As a result, the share price fell by 12% and is down 22% year to date. He has now purchased a 1% holding in the firm and intends to buy more as he feels the poor results were due to the macroeconomic environment in China rather than problems within t...
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