FiftyOne Capital, page-47

thegajman I have investments with cap51 and they are defiantly a long term holder. We still have all our PAR allocation in the special side trust. You need to seperate the overall investment picture with the position in individual stocks like PAR. There is plenty of analysis on why PAR is worth owning and what will truely drive its share price (approvals !) 51 Cap like many hedge funds use macro economic themes to take positions. For example if doom and gloom they may hold more gold or short certain stocks. This is very different to long only funds who’s investment mandate is to be invested per the mandate ie long only Australian shares. They do however also take high conviction positions that are well researched and waiting for a specific events.