Ann: Change in substantial holding, page-6

Unfortunately not. I’ve invested in Allan Gray for a long time and I’m pretty sure Impedimed has actually been a legacy position in their portfolio from when the previous PM, Simon Marais was managing it before he sadly passed away in 2015. Given his background and expertise in the biotech sector, Allan Gray held a number of these early stage companies in the healthcare space. I don’t think there’s much more to it than that. Although they’re a substantial holder, it wouldn’t be a particularly large or high conviction position in their portfolio and would be too illiquid for them to exit. I wouldn’t be surprised if they sold down further over time.