Looking into more details, I realized that Forager has mainly sold shares between July 20 (held 5.4 million shares in July 20) and January 21.
Since February 21, its holding has been almost flat, decreasing from 2.97 m shares at the end of February to 2.87 m at the end of May (my estimates based on Forager funds monthly figures).
So, among substantial holders, it seems that Naos was the main holder to sell since March, while Regal and WAM have been increasing their holding during the same period.
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Ann: Change in substantial holding from WAM/WAX/WMI, page-12
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