I think there will be plenty of events (the first being the GVHD decision) which will create all the liquidity they need to reduce their position. I am not too concerned. It will also hopefully take out some of the volatility from the SP during these events and allow a more sustained and reliable SP increase.
It is clear now why M&G are effectively forced sellers. 10% in a single holding is huge for any fund, let alone a struggling one which has relied on this one stock to generate any credible performance. If those profits aren't taken on the elevated SP, heads will roll if the SP falls. Very high risk scenario for them. Reminds me a little of CVF, an LIC I owned. They picked APT early which gave them the bulk of their outperfomance for the last 5 years. Then for 'risk management' and 'valuation' purposes they sold out in the $20's and $30's. They have been underperforming ever since. Risk management is a bit#@, isn't it? Ironic they do so little risk management when other shares many of these funds own are being belted and the technicals scream SELL. There's not many funds which respect TA as they are 'value' oriented. But the good ones that are into capital preservation do, eg WAM. Anyway, I digress.
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