Ann: Change in substantial holding, page-9

If the writing is on the wall and the sky is falling you have a choice!

However, some will note only their speciality funds have been selling down which are all "income funds". This is important in terms of the underlying investment mandate and ability to hold indefinitely without any likelihood of PAR generating a dividend within the next 3 years. They can hold such stocks but clearly the fund manager of these individual income funds have made a call to reweight to something else he/she knows will more likely get him his/her annual bonus.

IMO the net increase in holding is better than net decrease. If they continue to sell down more broadly across all funds then they have lost faith in PAR's ability to deliver on the original investment thesis.

Admittedly PAR is a difficult hold given their track record.....very few wins hit in terms of timeframes and budget. But so was the market perception of MSB, RAC, IMU etc until more recently.