US investor Van Den Berg Management Inc. raised its stake in Bermuda-based asset manager WP Stewart & Co. to 25.1 percent, according to a regulatory filing yesterday with the US Securities and Exchange Commission.

The Austin, Texas-based investor reported owning about 12 million shares of the company. Last week, Van Den Berg reported increasing its stake to 24.4 percent, from 22.5 percent in late June. According to the filing, the stock was purchased for the accounts of investment advisory clients at a total price of $156.6 million.

WP Stewart shares dropped 26 cents, or 2.1 percent, to $11.94 in afternoon trading.