Highfields Capital Management
has narrowed its stake in Janus Capital Group
. The Boston-based hedge fund firm has sold about 7.6 million shares, according to a regulatory
Highfields typically follows a strategy of investing in what it feels are poorly performing companies and lobbying for changes that would increase the value of its stake.
The sale left Highfields with 14.4 million shares as of December 31, down from 22 million as of September 30.
Other large investors have reduced their holdings. Fidelity Investments trimmed its stake to 9.4 percent from 10.9 percent, according to a
Janus' largest shareholder, Ariel Capital Management, said in a
it sold about 1.3 million shares. It now owns 31 million shares, or 14.5 percent of the Denver-based asset manager.
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