Yep exactly this, specs have been sold off in all sectors...

Yep exactly this, specs have been sold off in all sectors lately, as has the wider market. Tough to keep sustaining new all time highs in this environment without material newsflow (which for us there is a lot of in the coming months).

On top of this degrading wider market confidence, we have had a recent CR with the issue of new shares at 20c, as well as many options at 14c being converted, adding to supply and giving more excuses to sell down IVZ.

GLV/PRM perofrmance has certainly not helped sentiment in the sector, leading to a lot of selling yesterday that has then triggered even more stop-loss and emotional sellling yesterday and more in to today. I know quite a few people (including some quite large holders in IVZ) who got burned on GLV/PRM and who have subsequently sold some of their holding in IVZ to reduce their risk and get some of the cash back that they lost on GLV/PRM. It is understandable in their situation to want to get some money back and de-risk a bit.

To me, it has been a combination of the above along with some general impatience that has led to the sell down we have seen. I wonder if a lot of the people selling the last couple of days will end up buying back in at a higher price later on.

I already have my fill of IVZ after participating in the last raise in a big way but if I hadn't, now is a nice time to top up at prices well below what insto/soph investors were offered just weeks ago... and the story has not changed since then.