What is going on with the SP?, page-3

Fair point, both CDM and (even more so) WAM are less likely/ able via mandate to go short. Also WAM doesn't have (or didn't last time I checked) direct international holdings.

However, in terms of history/ track record, market cap, long term returns/ risk profile and yield I see them very much as peas in a pod.

In the past there have been specific negatives (short on Toll prior to Japan Post bid) and positives (short Dick Smith) that have clearly been in play. I just can't place what the factors might be on this occasion.