State Street do exactly the same with BlueScope Steel., That is keep their holding at or around 5%. I assume it is just to keep their name in announcements unless there is some advantage to being a significant holder. It is interesting that S32 & BSL are both demerged companies from BHP. I am a long term holder of BHP and have not sold any of these shares or any of the demerged shares and have in fact purchased more of S32 and BSL over time. I wonder if other holders are the same as me and therefore most shares in these companies are held by long term investors (not traded) and therefore shorting at 0.5% is significant, in regards to, total shares traded in these companies.
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