AlimakPlease take the following into consideration. The sell...

Alimak

Please take the following into consideration. The sell down by M&G can only be described as a frenzied fire sale to obtain cash. They have lost over a period of weeks, by my calculation , something something in the region of 20 to 30 million dollars . No Fund manager with half a brain, would engage in such a strategy, unless out of desperation . I can still recall going to a public service superannuation meeting ,where the fund manager, proudly announced he had exited one particularly bad position slowly ,over the course of a year. If M&G had followed any form of common-sense exit strategy they could have been reduced their loss position considerably

I can only assume that M&G have been hit by a flood of redemptions and have been forced into this fiasco.