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Activist investor ups stake in WH Smith but backs management

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Analysts suggest Causeway Capital expects a recovery in international travel will help Covid-hit retailer

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The activist investor calling for a shake-up at Rolls-Royce has upped its stake in WH Smith but insisted it iswas supportive of management at the struggling high street chain.

Causeway Capital Management is the retailer’s biggest shareholder and owns 9% after buying shares in the wake of a recent profit alert. Analysts suggested the California-based investor was betting on a recovery in international travel rather than agitating for change.

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