Big Manchester United Shareholder Cuts Stake Again

Group 1: Lindsell Train's Investment Activity - Lindsell Train sold 780,000 shares of Manchester United, representing 18% of its stake, during the fourth quarter of 2025 [1] - The firm's ownership of Class A shares decreased to 6.4% from 7.8% as of September 30 [1] - Lindsell Train's peak investment in Manchester United was 11.6 million shares in 2021, making it the largest institutional shareholder at that time [4] Group 2: Recent Performance and Management Changes - Manchester United currently ranks sixth in the English Premier League (EPL) standings, following a disappointing 15th-place finish last year [3] - The club recently fired manager Ruben Amorim, shortly after he urged management to take action during the January transfer window [2] - The club's shares closed at $16, down 5% over the past 12 months, contrasting with a 16% gain for the S&P 500 [4] Group 3: Changes in Institutional Shareholding - Lindsell Train has consistently reduced its stake in Manchester United, including a 20% reduction in October 2024 and a 9.3% reduction at the end of 2024 [5] - Ariel Investments has become the largest institutional shareholder, holding 8.9 million shares as of September 30, after adding 3 million shares in 2024 [5]