And quite a big stake, just shy of 3M shares…
See here for the filing
It’s the American Fund by Capital Research Global Investors. The American fund is their largest fund, and these are guys who do some serious research. They’re not traders but investors. Patient capital, which is good.
They are the largest mgr in the world. Maybe second behind fido. They are know for being conservative and having immpeccable research. they are quiet and usually you dont hear much about them. I doubt IOC would go into the American fund which is their biggest equity fund. But it doesnt really matter. Their purchase indicates that a huge amount of high quality DD was done. I used to cover their high yield muni bond fund when i was a muni salesguy. They were a huge pian in the backside due to their endless demands and information requests. On new issues they always did a sight visit to the revenue project and if they liked it they would place large orders. They are not traders either. This is a very very good omen.
Also, Capital Research is known for their distinct way in which they choose stocks…there is no lead manager(ie a Peter Lynch type) who is making the stock decisions, there is a team approach. The are known for low portfolio turnover and low expenses, mainly because they have a buy and hold for the long-term attitude. These IOC shares will be in the portfolio for a long time. I have been to Brea, CA many times and visited with the management team.