The Odey European and Odey Absolute Return funds now have a combined 22.8% stake in the broadcaster, down from 24.69%, after reducing the positions they held in derivatives linked to STV shares.
Odey Asset Management retains a direct holding of 12.64% of shares in the Glasgow-headquartered company.
The London-based house first emerged as an investor with a notifiable stake of more than 5% back in January 2012.
At the time STV's share price was trading at less than 90p as it was embroiled in a tussle with ITV over its status in the Channel 3 Network.
There were also concerns about the level of debt held by the company and the lacklustre state of the advertising market.
In March last year the two broadcasters agreed a deal and Odey Asset Management has continued to build its stake as STV's share price rose.
Odey's holding reached a peak of equivalent of 24.69% of the company in February.
STV's shares closed flat at 215p yesterday.
Rob Woodward, STV's chief executive, last month signalled the end of STV's recovery period when he unveiled plans to pay a 1.5p final dividend for 2013.