Ann: Change in substantial holding, page-5

That’s really interesting. The industry fund also hold around 10% of Orr. makes me wonder who the gold big is on their investment management team as no other industry fund that I know of holds direct gold exposure via listed company and certainly none in a non tier 1 jurisdiction (Orr). Given all the funds just copy each other and are constantly looking so diversify to hold certain companies directly then some of these large copy cat funds would surely be considering pulling funds from their gold etf exposures to also keep up and appear as a sub holder…or cornerstoning capital market activities. It’s really unique given a lot of the us pension funds don’t seem to have this exposure. id love to know what this industry funds thesis is on gold vs bbb/junk bonds for example…hmmm