Ann: Ceasing to be a substantial holder, page-4

Hey guys, big funds like this sometimes don't necessarily make decisions based on fundamentals. For example the board will just decide one day that they want to reduce exposure to a certain market - e.g. Emerging Gold Producers and increase exposure to another market e.g the tin market. When they do this they usually do it in percentages of the overall fund wealth, which will come with deadlines and is fairly cut throat. The decision will come with a dollar figure attached and then passed down through the line for execution. Sometimes there is nothing overly fundamental on a company basis - it is just that the big bosses want to change their exposures around.