You’re right that smart money has been accumulating for quite some time. The chart below shows combined accumulation by clients of Citigroup, Goldman Sachs, Macquarie, Merrill Lynch, J.P. Morgan, Morgan Stanley, and UBS.
There’s a clear pivot around November 2023. From the bottom to the top, roughly 25 million shares have been accumulated.
However, retail investors (clients of CommSec, AIEX, CMC Markets, and WealthHub) are also accumulating as a group. The shift in holdings is smaller than that of the investment banks - about 6 million shares.
So, who’s selling?More than 50% of the selling comes from Taylor Collison and Instinet.
TLX Price at posting:
$24.92 Sentiment: None Disclosure: Not Held
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