28 Oct 2015 09:50

Oppenheimer fund reduces stake in Yandex by nearly half

MOSCOW. Oct 28 (Interfax) - The United States-based Oppenheimer Developing Markets Fund, which was long the largest portfolio investor in Yandex , is continuing to reduce its exposure to the Russian Internet company.

Oppenheimer Developing Markets Fund sold almost half of its shares in Yandex in June-August, fund materials show. As of August 31, Oppenheimer owned 12,219,201 Class A shares in Yandex (3.8% of equity, 1.5% of votes), compared to 22,046,136 shares (6.9% and 2.8% respectively) at the end of May and 36.4 million shares at the beginning of February.

Yandex is not among the fund's top ten investments, which include only two Russian companies: retailer Magnit (3.4% of portfolio) and gas producer Novatek (2.4%).