"As a result, the fund is clearly experiencing capital redemption from the fund's investors, with funds under management (FUM) falling dramatically from $127m to $72m over the past 12 months."
I notice that, since that post, Celeste's FUM has gone down even further, to $62m @ 30 June 2016, a 15% reduction over the prior two months.
Given the Small Cap Index, which would be Celeste's benchmark, would not have done anything near to what Celeste's FUM has done, it is clear that redemptions have been ongoing.
But I suspect Celeste had already departed the SDI register prior to the company's profit update announced last week.
Ann: Change in substantial holding-SDI.AX, page-9
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