You'll probably drive yourself crazy trying to figure this out.
They stopped accepting Aus funds for several years, and returned money to clients last year. Which is to say that they could be liquidating for clients wanting to withdraw. Or they could be selling to rebalance their portfolios. There's too many factors to be able to say.
The only facts are that they've sold a little less than half of their holdings.
Relevant story: http://www.copyright link/personal-...reak-the-10-billion-fund-mark-20150324-1m696e
If you're a value investor you should do your own valuation and buy/sell based on that. Fund managers entering/exiting will affect prices in the short term but their trading activity doesn't fundamentally affect the business' performance* which is what drives long term value.
*- There are exceptions such as where the business' debt covenants take into account market cap, then sharp dips might require the company to refinance and/or explode. See Allco in 2008.
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You'll probably drive yourself crazy trying to figure this out....
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