From the looks of a 1 year chart, anyone who bought between about Nov 20 and Mar 20 could sell for a loss now if they wanted to. On the other hand, looking at the chart from about May 11 to present, they may want to be getting back in soon.
End of quarter portfolio rebalancing happens with funds but I don't think there are enough publicly traded (accountable to shareholders of the fund) funds owning Kazia to make much of a difference.
Funds do something silly called "window dressing" also, just to be able to show they did or did not own something as of the quarter's end.
If KZA goes down a few cents in the next few days, I'd expect it recover quickly as July starts.
(But what the hell do I know?)
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