possible reason for the large selling, page-24

The Macquarie Small Companies Fund quarterly report as at 31 December 2008 states..

"Key Contributors To Outperformance"

Overweight Positions
Neptune Marine Services - won contracts in the Gulf of Mexico, and had a strong AGM.

At this date NMS held the largest weighting in the portfolio of 6.44%. The total fund size is $14.0M.

Obviously NMS is held across a number of Macquarie funds, however it is more than plausible that Macquarie have had to re-weight with the outperformance of NMS in such a small FUM product.