Fisher Sells $1 Billion of Emerging Stock ETFs in Contrarian Bet
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Billionaire Kenneth Fisher said a surge in investor optimism toward developing nations spurred his money-management firm to sell more than $1 billion of emerging-market exchange-traded funds last quarter.
Fisher Investments sold 20.6 million shares of the iShares MSCI Emerging Markets Index fund and about 2 million shares of the Vanguard MSCI Emerging Markets ETF, according to regulatory filings. The Woodside, California-based firm, which had held more than 20 million shares in the iShares fund since at least September 2008, cut its stake by 99 percent and was the top seller among more than 400 investors that reduced holdings in the period ended March 31, data compiled by Bloomberg show.