Last week, relying on a report from a mid-cap fund of Chicago-based Ariel Investment, I reported incorrectly that Ariel had dumped all its stock in The McClatchy Co. (NYSE: MNI).The post Fitz is referring to was based on my post from last week. I had looked at a statement from Ariel Fund, one of Ariel's small- and mid-cap funds, which said it had given up its position in MNI, and thought the reference was to Ariel Investments. My apologies for getting it wrong.
In the immortal words of the Amy Winehouse song: No, no, no, no, no, no.
Monday Ariel filed a Schedule 13-G with the SEC that tells the real story: It still owns a ton of MNI, and is probably still the single-largest institutional holder.
One of its small- and mid-cap funds, Ariel Fund, might have exited the stock, but Ariel Investments still has 8,976,372 shares of MNI, 15.5% of shares outstanding, according to the SEC filing.
That does represent a reduction in its stake from Dec. 31, 2008, when Ariel said it held about 15.2 million shares, or 18.32% -- but it’s a long way from exiting MNI.
Sincere apologies to McClatchy, Ariel and Fitz & Jen readers -- and Jen, who had nothing to do with this misstep -- for getting this one so wrong.