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Aurora Investment Trust (ARR) is taking a hefty bet that the market is too pessimistic with regards to Sports Direct (SPD). The troubled retailer now accounts for nearly 8% of Aurora’s portfolio and is its fourth largest holding.
The trust is run by Phoenix Asset Management which likes to go big when it sees an investment opportunity.
‘Phoenix’s contrarian value approach is reflected in the fact that a stock will never be purchased at a price above the team’s estimate of the company’s intrinsic value under the worst feasible outcome,’ says financial services group Winterflood.
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