Mondrian Investment sells down holding in F&P Healthcare

Mondrian Investment Partners, a fund manager whose mandates include a share of the UK's Pension Protection Fund, sold down its stake in Fisher & Paykel Healthcare in the biggest transaction in the stock for 15 months.

The fund manager based in London and Philadelphia sold 7.66 million shares, or about 1.4 percent of F&P Healthcare, reducing its holding to 4.1 percent from 6.08 percent, it said in a notice to the NZX.

Shares of the company have shed about a third of their value in the past 12 months and closed yesterday at $2.18, down from $3.18 a year ago. The stock is rated ‘outperform’ based on the consensus of nine analysts polled by Reuters with a price target of $2.75.

Mondrian has some US$65 billion under management, according to its website. Of that, 45 percent is invested in equities in developed markets.

(BusinessDesk)

BusinessDesk.co.nz

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