A&F ADULATION: Investors generally weren’t moved by Abercrombie & Fitch Co.’s presentation to analysts on Nov. 6 about its long-term plans following its dismal report on third-quarter sales and margins the prior day — shares lost 13.9 percent of their value over a two-day period. But Invesco Ltd. apparently saw things differently.
The global investment firm, with more than $750 billion in assets under management, stepped in and nearly tripled its holdings in the reeling teen retailer, increasing its share count to about 7.8 million from 2.8 million back in June, and its stake to 10.2 percent from 3.6 percent, according to filings with the Securities and Exchange Commission.
That puts it behind only Fidelity, or FMR LLC, holders of a 15.3 percent stake as of June, among owners of A&F. Invesco’s far-flung holdings include stakes in Amazon, Google and Facebook.
RELATED STORY: A&F Says Need for Speed Paramount >>