mikepike,
The answer is REDEMPTIONS. It's a simple as that. There is no new cash being invested with fund managers. On top of that, the clients that are still in the market want OUT so the fund manager rings up his broker and gives him a list of stocks to SELL at whatever the market price is.
This isn't rocket science guys. Fear and Gread, supply and demand.
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no change in substantial holders, page-15
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