Ann: Full year guidance update June 2024, page-9

To be fair, for a fund manager of any scale - it is a lobster pot. It's why a lot wont hold it.

Imagine you had a $25m position in the stock and there was weak guidance and you wanted to get out. It'd be basically impossible to sell your position because the turnover is non existent.

Prudent risk management means that they have strict liquidity constraints at most funds, which rule this name out.

But, for retail investors who are holding much smaller stakes, we're far more nimble. We don't need the same levels of liquidity to manage our positions. Big funds not owning the stock is what keeps it a value play that keeps delivering year in year out - thats a good thing right now.