You'd expect 2023 would have been the year for EOFY...

You'd expect 2023 would have been the year for EOFY re-balancing?

From 2021 to the beginning 2023 the share price fell from $60 to nearly $6. That was the great portfolio rebalance!

Then, from this time last year, instead of a downward rebalance the share price went up about 30% in the lead up to dividends.

After dividends, we had another fall which would have had a lot to do with co-founder Chris Mackay's exodus, selling 12 million shares for $9.50.

Since, the share price has mostly gone sideways. Perhaps the worst is finally over.

Now, the ship seems to be more or less steady. Maybe 2024 dividends will be less. FUM is flat.



The chart almost looks like a head and shoulders bottom – maybe just cognitive bias.