RE:Interesting
Manulife Asset Management (US) LLC sold indeed its stake in KRN which explains the downward pressure and the overselling we have experienced in the last months compared to our peers.
Manulife Asset Management (US) LLC (US division in Boston who did the selling) held 681,577 shares on 31st August still. Since we are 10 trading days further, a total of 524,800 were sold / bought, so I expect they have had the opportunity to liquidate most if their position. Note that they still held 532,676 shares in their global AM group but those were not sold prior to September.
https://investors.morningstar.com/ownership/shareholders-overview.html?t=KRN®ion=CAN&culture=en-us
No other fund or institution sold.
Anyway, it seems illogical for an institution to keep unloading at these levels, expect if it was to drive to price down further. But this would be for another reason then to maximise the value of their investment (example get the price low for a buy-out offer). Makes you also wonder were these 2.5 million shares sold by Manulife went (only private investors or undislosed positions?)
Uralkali is up 6% until noon trading, so it looks like it going to be a green Potash day today. Let's see if KRN can reverse the trend from here and catch-up with the rest.
CK