Wellington dumps $40m of Treasury Wine stock as Ellerston buys more

Large Boston-based fund manager Wellington Management, instrumental in convincing the board of Treasury Wine Estates to reject private equity takeover proposals last year, has offloaded $40 million in shares in the past 10 days to drop below the substantial shareholder threshold of 5 per cent. Wellington’s sale of a large chunk of its Treasury shares comes as another intriguing name pops back up as a large shareholder of the owner of Penfolds, Wolf Blass and Rosemount wines, with Ellerston Capital, the fund manager 25 per cent-owned by James Packer’s Consolidated Press Holdings, now sitting at 5.07 per cent.