Ann: Becoming a substantial holder from WAM, page-17

According to the last NTA update, HHV are WAM's largest holding at 3.4%; they took a pretty big dive today (-7.48); that's worth about a 25 basis point drop.  SRX was previously in their holdings (Dec NTA update), although not listed in the top holdings in the latest NTA update, and they dropped about 55% today.  They can't have held more than 1.3% of SRX, if they do hold it at all still, so that could be worth up to 65 basis points.

HHV is interesting though, it looks like they've largely screwed their shareholders at the expense of some institutional investors, and they're being punished for it.  However some of the comments suggest that WAM may have actually been one of the institutional investors doing the screwing... so they might end up ahead anyway; details elsewhere on HC, see this HHV thread.

Also, possibly quite a few people selling out their allocations under the SPP to pick up a (very small) profit, in which case it should pick up again.