WHC Chart, page-15

allow me young oz investor to reply:
Manning Napier is a listed fund manager with USD21billion in separately managed accounts and USD14billion in mutual funds.
FYI ...separately managed account investors own individual stocks and bonds, while mutual fund shareholders own shares in a pool of securities.
Separately managed accounts can provide investors greater flexibility, tax benefits and the ability to customize holdings.
Evidently noMan Napier has been accumulating WHC shares since early Jan 2015 at prices above AUD1.50.
From May 2015 to November 2015 the WHC shareprice was on a steady slide from 1.50 to 1.00
Were they accumulating for sma clients whose mandate may well have been "fund me a coal stock , with ambition, and in the lowest cost quartile ". The reality is that noMan Napier had maybe 2 dozen such coal stocks in the eligible universe to meet these criteria .
Question : for how long has the coal sector been facing "economic headwinds". 12 months? 18 months?
At some point noMan Napier has decided"- with respect to Whitehaven- to play "why be passive when we can be strategic like hedge fund Farallon ?
I am asking myself what was the exit strategy for this NYSE listed fund manager of that respectable size to accumulate not just a passive holding [ for sma accounts and one or or more of its mutual funds] but a sizeable 6% stake in a leveraged coal stock, which at the time of the accumulation was reporting losses ?
My description for their exit strategy : Dump the stock on market ....as much as it can comfortably handle ... at the appropriate time .
So they would have been waiting eagerly for the Feb 5th ( audited) half yearly with the clear intention to dump as much as possible . I suggest they tipped out fully half = 7.5 million WHC shares of the 15 Million traded on that day .
No they hadn't lined up another sma client to buy the stock, they hadn't bought put option protection back in November 2015 -before the descent from $1.00 .
But their selling has invoked more anxiety in would be WHC buyers { 'there must be something bad in those stellar numbers '} and emboldened short sellers to try again .