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Ahmet Okumus Cuts Some AVG Shares

AVG Technologies NV (NYSE:AVG)’s position in the equity portfolio of Okumus Fund Management, recently went down by about 3.3 million shares. In a filing with the Securities and Exchange Commission, the hedge fund managed by Ahmet Okumus disclosed ownership of slightly above 2.1 million shares. At the current price of AVG’s stock the value of Okumus’ stake in the company amounts to $54.5 million, while the stake represents slightly below 4% of the company.

AVG Technologies NV (NYSE:AVG)

Amsterdam-headquarted software company AVG Technologies is mostly known for its internet security and antivirus software under the AVG brand. The move made by Okumus comes only a couple of days before AVG Technologies’ shareholder meeting scheduled for September 24. One of the main points on the meeting’s agenda is the appointment of the company’s Management Board Member/Chief Executive Officer Gary Kovacs, who is the former CEO of Mozilla Corporation.

In addition to Okumus, we should mention some other hedge funds disclosed ownership of AVG Technologies last quarter. They are: Renaissance Technologies, founded by Jim Simons, which held 335,000 shares at the end of the second quarter. In the second and third places are John Thaler’s Jat Capital Management, with over 152,100 shares, and Robert B. Gillam’s Mckinley Capital Management.

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Disclosure: none