Ennismore ditches sinking Expansys shares

Ennismore Fund Management, one of the most successful long/short European equity managers in the UK, has disposed of its stake in online consumer electronics retailer Expansys (XPS.L).

Ennismore sold down 42.99 million shares, somewhat less than 3%, worth £1.46 million at a share price of 1.7p.

The company runs a European small-cap hedge fund and a retail version of the fund, which has returned an annualised 15% since launch. Through the turbulence of 2011 the fund returned 9.81% versus an index return of 0.4%.

Despite climbing 6% in early January on a strong trading update, Expansys shares remain 56.87% down over the past 12 months after both Christmas 2010 and mid-year trading figures disappointed.   

Expansys reported turnover up 42% to £46.6 million in the six months to November and profit up 13% to £1.6 million, as sales growth in Asia and the US rose 122% and 95% respectively.