Fertilizer Prices Rocket to All Time High, page-87

I noticed around half of the top 20 have reduced holdings but most were by only small amounts relative to their holdings which seems odd. It makes me wonder if they may have sold more near the peak and bought back during this correction. Citicorp nominees and CS FOURTH NOMINEES were exceptions, selling closer to a third of holdings.
We can only guess as to motivations for anyone else selling. It may be a simple rebalance of portfolios after the big gains caused MNB to perhaps become too overweight some holder's portfolios or profit taking simply to cash up a bit. I guess we need to be a bit careful how we interpret things like this. For example, I had sold a significant part of my holdings roughly a month ago so that I could switch to the options. So while I have less of the heads after that switch, my overall exposure has never been higher than now for combined exposure through the number of heads and options combined. The sheet belows shows top 20 holdings a few weeks ago (I forgot to record the exact date) and yesterday. The highlights show changes. The colour shows the same holder sometimes in a different position in the list to make it easier to track their change. E.g. Citicorp nominee in brown dropped from no 8 to number 15. It seems S3 (Next Inv's) sold around 5% of theirs.