Ann: Becoming a substantial holder, page-3

NWH isn’t in the 200 (yet!). However, the recent inclusion in the 300, or the expectation of it, or just the larger market cap will have brought it on the radar of IFM investors. They are owned by the super funds and although they have both indexed and active investing teams I’ll guess this is the small cap active team because of the size and timing of their buying. NWH is a bit too small for the large cap fund I think (I could be wrong).

IFM are most well known for unlisted infrastructure investing - however from memory I think the AMP Capital equity team left a few years ago and became the IFM investors equity team overnight.

Anyway, the key thing is that (like the recent Wellington and CBA notices), they look like to me they are most likely from active value style teams. They think NWH is undervalued and can go to at least $2.50+ (substantial gain on the $1.50 they have been paying for it) or else they wouldn’t be interested. These teams are also thinking on a 1-3 year horizon, not a quick 5% gain.

I could be wrong - and they could be wrong too! Just interesting to see who else is on the NWH train. DYOR etc