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(Bloomberg) — A large new investor in BP Plc topped up its holding after the shock firing of the oil major’s chairman last week, betting that the boardroom drama won’t derail the company’s strategic approach.
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GQG Partners LLC says it took a stake of more than 290 million shares valued at about $2.4 billion in BP in the first quarter. The firm, which had about $162 billion under management at the end of March, added to that over the past week, according to portfolio manager Brian Kersmanc. The holding makes GQG a top-10 investor, according to data compiled by Bloomberg, alongside the likes of BlackRock Inc., Elliott Investment Management, and Vanguard Group.
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Kersmanc said he spoke with BP’s leadership before and after the unexpected firing of Chairman Albert Manifold and supports the direction in which new Chief Executive Officer Meg O’Neill has been moving the business.
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BP was trading at about 546 pence a share on Wednesday afternoon in London, bringing it back to around the level from before Manifold was ousted.
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“Whatever issues you have from board miscues, that’s priced into the stock,” Kersmanc said. “And the direction they’re heading now is a strong one.”
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GQG previously held BP stock but sold its holdings because of concerns around BP’s prior renewable energy strategy, Kersmanc said. O’Neill cementing BP’s focus on fossil fuels has added to the attractiveness of the company’s shares, he said.
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While Kersmanc acknowledged the role played by Manifold, he said much of his impact was in hiring O’Neill.
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—With assistance from Leonard Kehnscherper.
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