Hungary's HOLD Asset Management has reiterated its commitment to MPC Container Ships despite cutting its stake.
The investment company revealed it had reduced its holding in the Oslo-listed feedership specialist through a sale of 775,002 shares on 7 December, a slice now worth NOK 4.3m ($493,000) at a price of NOK 5.56 on Tuesday.
This brings the stake down below 10%.
A HOLD spokesman told TradeWinds the company did not want to comment in detail.
But he said: "Our funds' cash flow considerations and other potential opportunities also affect our investment decisions."
"MPCC remains a significant exposure in our portfolios and we retain our trust in the management and the future of the company," he added.
HOLD did not disclose its prior holding, but has also called the stake "significant" in the past.
The fund retains 9.92% of MPCC, or 39m shares.
Budapest-based HOLD describes itself as a 26-year-old "independent regional specialist", with $2bn under management focusing on central and eastern Europe.
The firm is run by chief executive Botond Bilibok, who joined in 1996.
Biggest investor in ADS Crude Carriers
Last month, HOLD increased its stake in Oslo-listed ADS Crude Carriers to become the biggest shareholder.
The private fund said it had added stock in deals worth $270,000 to move above 20%. The total 20.24% holding is now worth around $10m.
The Hungarian outfit also has smaller investments in other shipping companies.
German-owned MPCC unveiled a net loss of $46.1m in the first nine months of the year.
In the third quarter alone, it reported a loss of $17.8m, deeper than the $11.4m in red ink a year earlier.
