In a recent Form 13F-HR filed with the U.S. Securities and Exchange Commission, London, United Kingdom-based investment manager Man Group Plc disclosed that it dumped its stake in Canadian licensed cannabis producer Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) in the most recent quarter.
Adding insult to injury, just a few days ago, Aurora Cannabis announced lackluster financial and operational results for the second quarter of fiscal 2020 ended December 31, 2019.
Man Group is probably happy they sold their shares of ACB when they did, as shares of the cannabis company have slid since the start of 2020.
According to Bloomberg, “Man Group PLC operates as an investment management firm. The Company focuses on delivering performance and client portfolio solutions for private markets sectors. Man Group serves customers worldwide.”
With an estimated over $30 billion in managed 13F securities in assets under management as of a recent Form ADV, Man Group Plc’s recent sale of 123,947 shares of Aurora Cannabis Inc. amounts to just a tiny position for the firm as they must always diversify.
That being said, it is hard to imagine many retail investors holding a position that large in ACB stock.
We’ll continue to monitor 13F filings to see what institutional investors are up to. In the meantime, be sure to subscribe to cannabis stock updates here so you never miss an important update.
Get Real-Time Updates from The Daily Marijuana Observer