It's important to note that his is not UBS buying in its own capacity.
Rather it is UBS buying and selling in its capacity as a prime broker. If you look at the attached document, you will note that of the parties to this particular prime brokerage agreement, Regal Funds Mgt represents the lions share.
So when you see UBS emerge or recede as a substantial holder, they are most likely holding it on behalf of Regal as prime broker. It's not necessarily Regal, as it could be Blackrock/Colonial First State. However I suspect most likely it would be Regal.
Ann: Becoming a substantial holder, page-5
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