G'day, Geoff is indeed very astute and his research team are first rate in my opinion. I see the sell down two way - one is that WAM has rebalancing cash vs equities possibly with some upcoming ipo's looming etc and two is that some heat coming out of the market and volatility in the short term may mean that selling down is just prudent to maintain their investment strategy at the moment - I think I might shoot em and email and ask - some may have sold but only the shorts I think. I'm long anyway (the bulk of mine are in me smsf). Cheers and keep em coming.
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