Baillie & Gifford, the biggest institutional shareholder of Under Armour Inc. stock, has completely divested its stake in the sportswear maker.
Scotland-based Baillie & Gifford disclosed that it sold its stake in a filing Thursday with the U.S. Securities and Exchange Commission. The company owned no shares of Baltimore-based Under Armour as of Feb. 28, according to the filing.
Prior, Baillie & Gifford owned a 9.4 percent stake in Baltimore-based Under Armour as of Dec. 31. At the time, the company owned 17.6 million shares. Of those, 8 million had voting power.
Baillie & Gifford was the largest shareholder behind Under Armour CEO Kevin Plank, who owns close to 69 million shares.
