Ann: Ceasing to be a substantial holder, page-12

Great analysis as always Granny...

If I could add my 5c worth...
It may be worth mentioning that 'Ausbil Inv Management' hold BET in their Microcap Fund...relatively small size fund circa $330m..but with the old 2 and 20 model....so 2% fee to manage the money and 20% performance fee (well played to these managers as the industry is under severe fee compression).
First instinct is to assume these managers have 'sold' in order to lock in some of this performance fee (free carry...is how they make their money)...absolutely normal in the industry...
Secondly, the fund has between 50-60 holding, I wouldn't be surprised if the fund is mandated to have no single stock/holding greater than 5% (again very standard industry workings) so not only have the fundies been selling to lock in fees, it might be as simple as a re-balance of 'fund holdings'.......again All very normal, so dont panic...BUY the f**king DIP!!!

Cheers
BCT
*my sentiment has changed from BUY to aggressively Accumulating...