it would appear that Legg Mason have also been accumulating VPG...

it would appear that Legg Mason have also been accumulating VPG over the past few months and now hold an overweight position relative to their portfolio
this activity together with Orbis’s continued accumulation would account for the bot buying, capping, accumulate & insto theories put forward by you observant VPG posters in recent weeks

the following excerpts are from Leggo Masons June qtr report

Valad was the beneficiary of the re-emergence of risk
appetite in regard to balance sheet risk. Our view is that Valad remains an attractive exposure, as it continues to protect its sizeable tangible asset base in Australia and remove costs from its funds management business.


Profile

OVERWEIGHT POSITIONS ACTIVE %
Macquarie CountryWide +4.1
GPT Group +3.7
Macquarie Office Trust +3.5
Macquarie DDR Trust +2.4
Valad Property Group +2.1


Outlook
Even after the significant rally of the past four months we believe that select Australian property securities continue to the potentialfor offer attractive total returns, with valuation anomalies clearly evident. Widening spread dispersion and leverage during 2008 and the resultant flight to the highest quality stocks drove valuation
spreads to extreme levels. This created a significant opportunity for investors, such as ourselves, who are willing to buy some “risk”.


The last line here says it all GLTAH