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Hedge fund TCI cuts stake in Royal Mail

Telegraph – Chris Hohn, the boss of TCI, has cut his holding in Royal Mail three months after building it, apparently confirming Vince Cable’s fears that hedge funds would not be long-term holders of the company.

In a regulatory statement, TCI said it had reduced its stake in Royal Mail from 5.8pc to 4.58pc. The sale, which cuts the value of TCI’s investment by £74m, suggests that the hedge fund believes that Royal Mail shares are at the top of their valuation.

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