@sellNot an area that I know much about, but I always thought...

@sell
Not an area that I know much about, but I always thought that Credit Suisse was trading on behalf of Alceon.



From some of their other holdings you can see that they list under CS THIRD NOMINEES.




From the April 2021 Fluence Annual Report


https://www.livewiremarkets.com/wires/daniel-chersky-absolute-returns-from-small-to-mid-cap-asx-listed-stocks
I had a listen to Daniel Chersky who runs their High Conviction Absolute Return Fund, and he says that he is happy to invest in stocks right down to $30 million if the opportunity is there, but they ALWAYS have a hedge against the stocks in the portfolio, to make sure that they still generate returns.

If they think Fluence will come good in a couple years time, so are long, they need to still generate some returns in the meantime, so would not be surprised if they are trading the range between 18 and 20 cents. Would explain the large amount of shares that are always available to be sold. Buy at 18, sell at 19.5, 19, 18.5, REPEAT. They are below the 5% substantial holding range, so are able to do whatever they like without having to report it to the market. There are only a couple other holdings that are also able to do this, the rest are rusted on holders who haven't altered their holdings from the start.