The cumulated stake of Romanian investors fell to 42.09%, from 44.04% at the end of December.

The figures refer to both private and corporate investors and do not include a 1.74% stake bought back by the fund. The fund’s shares will be cancelled at a later time, according to a shareholders’ decision.

Romanian Finance Ministry’s stake was 2.69% in January.

The fund reported a total number of shareholders of 10,705 at the end of January, down from 10,845 in the previous month.

New York-based investment fund Manchester Securities Corp, a unit of Elliott Associates, was the fund’s largest holder with a 12.03% stake, followed by Georgia Palade van Dusen with 6.3%.

Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.

Monday, Fondul Proprietatea closed down 0.19% at RON0.42 a share in Bucharest.