Latest Top 20, page-4

I spoke to an analyst from WAM last week about their holding in NUH. They hadn't yet released their August investment update so he couldn't release the full detail of their position to me but we did speak for a while and he divulged that they've been "active" in NUH. Based on his language, they still hold and based on today's WMI announcement, they may still be holding. Unfortunately, they will now only be listing their top 20 positions with greater than 1% of gross and given that NUH has dropped like a lead balloon since the CR, I wouldn't be surprised to learn that they've added to their position but it still falls outside of their top 20. On the flip side, they may have reduced their position. I'll follow them up.

I'd be surprised if they've sold on the recent weakness. This fund looks at microcaps which are notoriously volatile so they must have been prepared for some turbulence.