Late to the discussion, but I think this graphic probably has...

Late to the discussion, but I think this graphic probably has something to do with Castle Point's BOL sell-down from their Ranger Fund:

They are about 3% over in the Australian equity holdings relative to their target - so I suspect they are likely trying to rebalance. They would have looked at their portfolio to see what was most attractive and I suspect BOL lost out in that review (given that it has gone no-where for the last 2 years). Most of the other portfolio holdings have had much higher levels of movement (and liquidity) over the same period.

Putting this aside (and really annoying that we have this selling overhang holding this back despite the good news flow over the past 6 months), once they are out of the way and we have clear air, then we should see some movement.

The other aspect of this sell down is that it also tells us that there is no PE players out there looking at BOL just at this moment - otherwise they would have knocked on Castle Points' door to grab this as a strategic cornerstone or otherwise be on the other side quietly soaking up the shares whilst staying under the 5% disclosure threshold.

BOL is one of my most frustrating holdings. Happy to stay as my average entry is comfortably below 10c, but would have thought this would be in the 20c+ price range by now with the news flow and P&L performance. One day the market will wake up to this (likely when the dividend train restarts).