Magellan's Airlie builds 5% stake in Ampol
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The news: Magellan Financial Group is now a substantial holder of Ampol through its Australian equities brand Airlie Funds Management.
The numbers: Airlie is now a substantial holder of the petroleum company after it bought $5.4 million worth of shares on 20 September. The fund manager now has a 5% stake in Ampol.
Ampol shares last closed at $28.59 and over the last 12 months has plunged 14.6%.
Magellan’s share price last closed at $9.76 and over the past 12 months has risen 3.83%.
The context: Last month, Magellan’s funds under management started to stabilise after "a challenging few years" while it announced a 2% jump in its adjusted net profit after tax.
Over the last three years, the fund manager suffered investment underperformance, seen departures of senior management figures and faced significant outflows.
The source: ASX announcement
