The state pension fund sold €5 million-worth of shares in tobacco companies last year.
The National Pension Reserve Fund held almost 15,000 shares in Philip Morris, the maker of Marlboro, at the end of 2014, just under a third of its holding in the previous year.
The stake was worth about €1 million, compared with the €3.2 million it valued its near 51,000 shares in 2013.
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