Ann: Change in substantial holding, page-5

I dunno about that Sabine! Just always interested to see an 'active' team taking a conviction position.

Now we have Wellington and Dimensional reducing their positions and Vinva buying in at $2.30, and lots of volume and a stable price.

I doubt $2.30 is a strong 'sell' point for these guys, maybe fair value at worst. Possibly they are doing some portfolio management given their position has doubled in value in the last year.. I'm biased because I think it's a buy here - they may be looking at it differently.

For Vinva it's NRW position is very small ($25Bn FUM, guess 2/3 in Australia funds so $15Bn and NRW is approx $50m position) so I wouldn't read too much conviction into that, and I'll guess driven by quant signals using broker estimates (and maybe ASX200 predicted inclusion?). Deutsche are the only 'hold' out there I think (I don't have a really good system to check this admittedly). However, they have been a laggard so far on NRW's climb back from the basement and maybe they are ignored by quant signals for that reason.

Pure speculation however!

I don't really follow the price charts etc but I like it when there is a lot of volume at a new high price and it holds there - there will always be people taking profits (which is sensible depending on how you manage your portfolio). However there are also new buyers stepping up in high volume so I think it sets us up nicely from here. Not sure what the chartists would say about that but it seems right to me.