Ann: Chairman's Address to Shareholders, page-33

It's got nothing to with HSN Shorters manipulation etc etc the recent price fall

HSN is no Different to many stocks in the mid cap sector carved up the last couple of months APO ISD VTG BAP NXT HSO to name a few very good Coys whose SP has come of 20-40 per cent of recent highs

What has occurred is a big rotation of funds out of high growth mid caps they became over weight in into resources the last couple of months in particular BHP and RIO

they had to play catch up on the weightings in there portfolios in the resources sector hence why you are seeing these stocks moving up last 2 months

Now the rotation over the last couole of days is starting to see these beaten up great coys going back up

Roger Montgomery explained this rotation very well on the Switzer show Google Roger Montgomery Isentia Switzer to watch on you tube or search there


I have been buying with my ears pinned back for our SMSF these stocks including HSN they have become bargains purely thru rotation by funds out of mid caps

HSN is one of the best companies on the ASX this drop is great loving it gives me entry's much cheaper than 4.60 nothing has changed with HSN its just rotation