yes, makes no sense. I have been in contact with a couple of guys in the funds management business who claim selloff on all hybrids is due to forced selling by funds due to retirees seeking redemptions. Hybrids have been held by conservative investors who also held property trusts and these have been decimated. The uncertainties surrounding the government guarantee and the freezing of some funds have also caused people to redeem. I think there are a range of good opportunities in hybrids and PXUPA is one of the best on yield. The price weakness is what stops me buying more than the small quantity I have bought but, when you think about it, they raised equity and should survive so the hybrid is the better investment and return is very good.
SRS Price at posting:
$1.29 Sentiment: LT Buy Disclosure: Held
