HMV shareholder Brandes Investment Partners has sold more than a third of its holding in the entertainment retailer.

The US fund manager, which has holdings in retailers including Marks & Spencer, French Connection, Kingfisher, Debenhams, Morrisons and Sainsbury’s, reduced its stake to 19.8 million shares or 4.91 per cent of HMV.

In March last year, Brandes reported that it owned 32.1 million shares or 7.99 per cent of the company.

HMV is one of a handful of retailers that has seen its share price rise over the past 12 months.

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