Ann: Change in substantial holding, page-12

Yeah, I am absolutely sure that Australian Super has allocated responsibility for trading PLS to their young day trader at the back of their dealing room...

OR

Could it be that Australian Super - which has $191.4 billion in FUM - and allocates this FUM across multiple external and internal Fund Managers as well as across multiple investment strategies, just happens to end up being at both ends of the transaction from time to time?

On any given day one of their many many internal or external managers might feel PLS has run so hard that he/she wants to trim his/her overweight position while another manager has finally found EV religion and starts buying?

That is why on their website Australia Super note:

In-house investment expertise

Our in-house investment team of over 170 people invest members’ assets and almost half of them are managed by internal teams. This gives us more access to better investments and saves millions of dollars in costs every year. Good returns and lower costs have resulted in a better ‘net benefit’ for members*.

also:

Internal and external investment teams

We use a mix of in-house and external fund managers to manage members’ super.

Our in-house teams [note use of plural - TEAMS!!!] of investment specialists work within asset classes to:

research the economic environment and investment markets and make recommendations on and manage the asset allocation for our PreMixed investment options; identify opportunities and risks; actively manage investment portfolios with the delegated authority from the Board and Investment Committee
We engage specialist external managers [note use of plural - MANAGERS!!!] to invest money in different asset classes.

They’re chosen based on their:
company size, strength, management structure and ownership; investment philosophy, processes and style; investment team reputation and experience; and track record and funds under management.
I personally would love to see Australia Super report on brokerage rates for these transactions, actually - if we had proper regulation - I would like to see ALL Superannuation and Fund Managers report - in detail - on brokerage they pay.

I suspect that Australian Super is quite tight with brokerage and fees, so I would not be surprised if they forced kindly requested a broker that trades for any number of their accounts to do all the "crossings" on any particular day across the multitude of Australian Super portfolios for zero brokerage and only paid a minuscule brokerage fee for shares that are not "netted off" in this way.

Oh... and at last count, Australian Super has 2,368,825 member accounts. For any one of the members to be able to identify an Australian Super transaction based on their application or redemption of funds?!? ... most unlikely!!!