Ann: Interim Results Announcement-APO.AX, page-19

Going to be another rough day for APO - macros nkt helping and I think the smart early money that got in and rode the wave up would all be bailing out now and locking in some capital gains - it's still a lot higher than its issue / early trade price for those small cap funds who got in early and I suspect we're about halfway through those trimming / exiting their positions (substantial shareholder noticed only being required for >5% I believe) so a small fund can go from 4.9% to 3% for example without anyone knowing