They need to sell some of their stake. Spheria is having a tough time in markets recently. A typical funds management business that might think that buying into frothy names like Nuix, Betmakers and etc will land them a significant return. Well, the opposite has been true.
So why the selling? Well, they need to balance out their losses with profits from SWM so that their averages look good on paper or even look less dramatic. I'll give them points for trying to do the right thing. So, it is portfolio adjustment and nothing else. They might feel gutted that future digital revenues of SWM have not even been reflected in the share price yet and they have to sell some of it out already. Their loss unfortunately.
This means that the pressure is over, and I'd imagine that the only direction is up from here. If it goes down, then I'd buy heaps more, breaking my own portfolio single stock size % rule.
Looks good.
SWM Price at posting:
63.5¢ Sentiment: Buy Disclosure: Held
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