september top 20 is out, page-3

sob,

compared to the list in the annual report (not sure when it was recorded , june 30?), the differences in the new report that i see are

Macquarie small company fund reducing by 1.8m

National nominees reducing by 5m

and Thorney investments with 7m shares replaced by ANZ nominees with 8.6m.

National nominees (could be multiple sellers) are the main culprits according to my calculations. Hopefully National and Macquarie small cap won't keep reducing as they are the 2 largest holders.