credit Suisse and Citi have been the largest clearing houses for...

credit Suisse and Citi have been the largest clearing houses for transactions. Credit Suisse clears a huge amount of transactions on behalf of lots of smaller operations as does Citi, UBS etc. Transactions that are assigned to CS etc on those broker reports are highly unlikely to be transactions conducted by CS on behalf of CS, far more likely that they are transactions of wrap accounts or smaller brokers being cleared by CS.

Qsuper clears through UBS and you can have a self managed option through Qsuper so if a retail level punter buys shares on their Qsuper account it will show up as a UBS transaction held by either a UBS or Qsuper nominee account. Neither the aforementioned financial service providers have pulled the trigger on the trade and equally neither of them controls the direction of the holding. There is a difference between beneficial and custodial holdings. Beneficial is the person that actually owns the stock, custodial is who holds it. Qsuper or UBS in that example is the custodial holder, retail punter with SMSF within Qsuper is the beneficial holder.

I know those broker reports are really popular on HC but all they provide is information as to who CLEARED the trade. They don’t show who made the decision to buy or sell nor do those reports show who HOLDS that transaction’s stock. If you have a look at the PDS of any of the CS or Citi managed funds I would think that KFM falls outside of all their filters for investment mandates.