US mutual fund Dodge & Cox doubles shares in Entain to 10%
San Franciso-based mutual fund company increases shareholding following FTSE 100 giant’s Q3 trading update
US mutual fund company Dodge & Cox has doubled its shareholding in Entain, from 5.01% to 10.33%.
The operator announced on Monday, via the London Stock Exchange, that the San Francisco-based firm had crossed the 10% disclosure threshold on 3 November.
Dodge & Cox now holds 66,001,318 voting rights and is the second-largest investor in the FTSE 100 firm behind The Capital Group Companies, which hold 14.81%.
Dodge & Cox moved to increase its holding in Entain 24 hours after the operator reported a 5% pro forma year-on-year decrease in net gaming revenue.
Entain makes up a small percentage of Dodge & Cox’s Global Stock Fund, which included 85 companies as of the end of September.
The fund boasts total assets of $4.6bn, with its largest holdings made up of Google parent company Alphabet (3.8%), pharmaceutical company Sanofi (3.5%) and Occidental Petroleum Corp. (3.1%).
Entain announced in its September trading update that it expected “slower than anticipated” Q3 revenue and shares fell 12%.
Four days later, Capital Group Companies slightly decreased its holding in the business from 15.04% to 14.8%.
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