Bloomberg

(Bloomberg) -- Glencore Plc investor David Herro sold shares in the commodity trader and miner, locking in profits after the stock doubled this year.

“We did have to re-position,” Herro, chief investment officer of Harris Associates LP, said in an interview with Bloomberg Radio on Monday. “We don’t own 8.5 percent anymore, but we probably own around 6 percent.”

Glencore has rallied this year as Chief Executive Officer Ivan Glasenberg continued with a rescue plan to alleviate investor concern about its debt position. Herro added to his stake in Glencore when prices were near an all-time low for the company, which went public in 2011, and said in a February interview that his holding had recently risen to 8.5 percent.

The stock fell 3 percent to 182.85 pence by 1:35 p.m. in London, valuing the company at $34.5 billion. A holding of 2.5 percent, about the amount that Herro said he has sold, would be valued at $860 million based on current prices.

A spokesman for Glencore declined to comment.

Peter Grauer, the chairman of Bloomberg LP, is a senior independent non-executive director at Glencore.

--With assistance from Francine Lacqua and Tom Keene To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net. To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas Larkin

©2016 Bloomberg L.P.

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