Ann: Becoming a substantial holder, page-8

Market is forward looking and pricing in flat to negative growth Q3 and Q4 after a peak in Q1 and Q2 pre-emptive forward demand in attempt to get ahead of supply restraints amidst fallout policies in USA. Throw in some macro uncertainty of direction global interest rates and unemployment and inflation projections there are plenty of headwinds real or otherwise. And that is before the influence of local AU and or micro factors like funding and clinical approvals. Funds managers know this and are (arguably) responsibility positioning themselves and advising their clients for the same. Nothing to do with manipulation. Even if the word itself provides satisfaction of cause. I like what I read and potential on offer but for me at present the macros are outweighing the micro. On this alone I sold my recent holding yesterday with intent to buy back in. Reporting season near upon us and sell off probably not yet complete as many businesses reign in forward projections and guidance. My opinion only of course. Stay safe over the break ahead.