hhl holds its interest in CUS shares via its value growth trust....

hhl holds its interest in CUS shares via its value growth trust. CUS has been the either the largest or second largets holding within the value growth trust for the better part of this year (I didnt look back beyond that). Looks like they cranked up some sales from September of this year with some smaller sales earlier than that. Obviously the greater the relative increase in the SP of CUS over other shares within the fund, the greater the proportion of CUS making up the fund. I would say the recent HHL sales are simply as a result of a portfolio rebalance as a result of CUS becoming too large a component within the fund (The fund may have rules such as not investing greater that 5% of the fund within any one specific share or variations on that theme). The selling is frustrating, however depending on what level HHL need to get their holding down to it may continue. It also almost acts as a ceiling on the price, as the more the SP rises (in a relative sense) the more HHL may need to sell. That being said, HHL really still does have a very large bet on CUS, at one stage owning nearly 20% of the company with the ownership decreasing currently to just below 17% - thats a very large stake for a fund to take in any one share - in dollar terms HHL currently has just over $70million on the line with CUS. Those sort of stakes are more akin to an investor building a takeover position or taking a strategic investment in a company. I would expect HHL to stay on board with a reduced holding - time will tell - once the selling clears out however you would think that the current cap on the share price may be removed.