bargain, page-23

Doesn't seem unusual to me at all.

I hold 6 stocks I brought in the last 12 months either in the float or after the fizz: PGR, ACQ, ASH, MVF, SGF and PSZ.

They are all about 10 or 15% lower than when I entered but I still consider them value stocks if they achieve their forecasts. It has been a mother of a year for small cap stocks. Have a look at the NTA s on ACQ and CTN which are both LICs trading in sm caps.

PGR is doing what all the others are doing, confirming guidance, forecasting divs and falling on low volumes after successful floats.

It's just the reality of the market at present. I can't think of any (but I am sure there are a couple) of small cap floats that have taken off even after confirmation of prospectus forecasts.

I wouldn't read too much specific into the fall this week on low volume and a pessimistic market. Industry Super, CBA and State Super NSW have all announced substantial holdings recently so we're not alone.