Ann: Change in substantial holding from HHL, page-68

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    HHV has about 5% of its fund in SRX so the fund will be quite influenced in terms of alpha by what happens to SRX. MTU is only 0.89% of the fund allocation.

    UBS globally looks like an investment manager, its sell-side business so busted that the investment management side props the rest of it up. UBS and to a lesser extent Credit Suisse r the reason that the Swiss r no longer world beaters but getting beaten by everyone.
    Last edited by JCoure: 17/03/15
 
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