Slightly missed my point too GT.
JP Morgan natural resources fund (look it up), is a $Bn fund. It is one of if not 'the' mining industry's biggest investors - a gorilla.
As you observe, It doesn't hold thousands of holdings in shitty little ASX stocks. Its a big, due diligenced, selective and deep pocket that can afford to buy quality only and buy and hold when the rest of the market is f'd. Thats where the leverage is.
This is distinctly different to JP Morgan the broker which holds on behalf of clients.
Ann: Change in substantial holding, page-19
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