market folly

UK hedge fund Lansdowne Partners have purchased 11.51% of Mwana Africa's (LON: MWA) outstanding shares. At first glance, it appears as though Lansdowne bought the majority of this stake via the recent placement. This position was revealed by UK regulatory filing.

This company mines various metals, including gold. Equity stakes in gold miners seems to be a popular investment amongst hedge fund managers as we just detailed Baupost Group's miner stake this morning.

In other activity from Lansdowne, we previously detailed the increase in their Gartmore stake. Paul Ruddock and Stephen Heinz head Lansdowne, one of the largest hedge funds in the world.

Per Google Finance - "Mwana Africa PLC (Mwana Africa) is engaged in the exploration, development and production of nickel, gold, copper and diamonds. It has four segments: gold, nickel, diamond and exploration. Mwana Africa has interests in gold, nickel and other base metals, and diamonds in Zimbabwe, the Democratic Republic of Congo and South Africa. Bindura Nickel Corporation (BNC), Zimbabwe, is situated near the town of Bindura, 90 kilometers northeast of Harare."