INTERESTING23 Mar 2025 16:39
Interesting to see Blackrock selling some of their holding in Shell to buy BP
BlackRock tops up BP
BlackRock manager Adam Avigdori has topped up his holding in BP (BP) at the expense of oil major peer Shell (SHEL).
He added to his holding in Citywire Elite Companies AA-rated BP in the £38m BlackRock Income & Growth investment trust. To fund the move, he sold down some of his position in Shell, although it still remains in the top five holdings at 4.4% of the portfolio.
‘Trading activity during [February] was focused on increasing the BP holding to reflect the strategy shift and acceleration that is underway – and that has the potential to address the company’s leverage position and capital allocation,’ said Avigdori.
‘This was funded out of Shell.’
Shares in BP were trading up 0.78% at 441p on Wednesday.