OMERS Administration Corp reduced its stake in Vale S.A. by 79.9% during the second quarter. The Canadian pension fund sold 6,440,964 shares, according to its latest 13F filing. OMERS now retains 1.62 million shares in the mining company.
Other institutional investors also decreased their exposure. Connor Clark & Lunn Investment Management Ltd. cut its holdings by 57.1% during the same period.
The divestments follow Vale’s latest quarterly earnings and revenue, which both missed analyst consensus estimates. While iron ore restocking in China recently boosted the stock, large-scale selling by pension funds may impact future investor sentiment.