OMGI's Buxton sticks with stock trio despite 'frustrating year'

Adding to unloved mega-caps

Old Mutual Global Investors'(OMGI) Richard Buxton remains optimistic on the prospect for three holdings which have dragged down the performance of his £2.3bn UK Alpha fund this year.

The fund has lost 13% over the past six months, during what Buxton described as a "frustrating" 2015. Speaking at Investment Week's Funds to Watch event, Buxton (pictured) said the drop in performance was due to three stocks in particular: oil company Genel Energy, energy firm Drax and commodities giant Glencore. Glencore's problems have been well-publicised following a share issue earlier this year, while Drax's share price fell after changes to the government's energy policy in this year's Budget. However, Buxton remains a shareholder in all three firms and is optimistic on their...