Norwegian fund Skagen has sold its stake in Russian media holding CTC Media, according to the fund’s report for October seen by PRIME late Monday. “The Russian parliament unexpectedly passed a new law limiting foreign ownership of Russian media companies to 20%, Itar Tass reported. The share price fell sharply on this announcement,” the report read. “The stock no longer offers an attractive risk-reward profile in light of the heightened political risk and we therefore chose to exit the asset.” The size of the sold stake was not disclosed, but it was not among the fund’s largest investments.
