Ann: Annual Report to shareholders, page-56

There's a bit too much reading of the tea leaves going on with regards to the top20 and speculation they caused/largely contributed to the sell off following the ATH earlier this year. The majority of large accounts/holders remain on the list and some of the speculation what nominee accounts are backed by what/whom have been previously discussed. For example, two of the moninee accounts are of an institutional nature while the largest nominee account is 100% retail as identified in the title. While the latter has sold down in terms of total number of shares held in that account, the vast majority of the shares remaining in that account represent a rather concentrated holding by a longterm investor. And as @Tradingdreamz88 indicated, some holders may have shifted exposure around that results in not all of their holdings being captured under the one account thats being captured in the top20. For example, at least one of the top20 holders in the list doesn't have all of their holdings in the referenced account, i.e. the holding exceeds what's listed.

And what's so wrong with some of these top holders taking a little off the table like those holding lower share and dollar values? Absolutely nothing as you got zero idea what drove their decision in the first place and which may have been influenced by cash flow needs that forced trimming or sales irrespective of their investment views. Also, if someone takes 10-20% of their holding off at ATH that says nothing about a loss in conviction in the business prospects or management, it might just be part of their risk or portfolio management process. A few posters vented recently how their several grand profit is grinding down to nil profit or negative PnL at this stage and how it's hard to hold on to the stock in light of the current sp. Imagine sitting on 10, 20, 30 or more million shares and riding this out. I haven't heard anyone from the top20 openly bitch on this forum, so that and them largely maintaining their holdings carries a message for the rest of us I'd say.

In terms of the impact of the flow from top20 selling/reallocating etc. on the share price over the past 5 months, there's been a much more dramatic change in the number of smaller position holders that dramatically rose running up to April and then afterwards crashed in terms of numbers. Especially the 2nd smallest holdings category saw a substantial shareholder turnover (YTD) and while their shareholdings per se may not have been substantial, the impact on price discovery could have been substantial and result in a skewed significance if holders just decided to dump their $1000 investment regardless of execution. Likewise there's been an increased concentration in the larger holdings categories which underlines the theory that most investors are holding tight as the shareholder numbers haven't collapsed pre ATH vs now. I think the top 20 provided little to no indication of anything but normal holdings turnover and at the top end the holdings consistency is more a proof of investors holding for larger returns as they didn't bolt at 15-20c when they had the chance. If there indeed would have been a rush for the exits by top20 then the SP would have reacted accordingly considering the concentration of shares held in the top 20 relative to daily turnover (i.e. the SP would have gotten properly crushed). Instead the slow trickle was smaller holders capitulating and selling to those investors who did the research and have conviction who picked up the shares from those who bought and sold at respective peak momentum. Just my opinion, DYOR.