So who are these professional and sophisticated investors that...

So who are these professional and sophisticated investors that have collectively borrowed 5.8M HML shares? 

Lets take a look at the top 20 holders report dated 4/02/2018: https://www.asx.com.au/asxpdf/20160204/pdf/434v0xlzltvfj3.pdf

1. Perpetual Nominees Limited        3,000,000

2. Australian Executive Trustees     2,800,000

12. Jarrad Robert Stuart                    100,000

19. Elders FMC Pty Ltd                        44,700

The report shows the top 2 holdings add up to 5.8M exactly. Is it safe to assume that these are the professional and sophisticated investors referred to in the JBL annual report? Or is it just one hell of a coincidence? Is it possible that the 5,800,000 shares were loaned to a larger number of professional and sophisticated investors that didn't warrant a spot in the top 20 holders list?  Possible, I suppose.  Likely?  No.

Let's see if we can find out more from the initial substantial holder notices. Well that's weird, I can't find any substantial holder notices at all for "Perpetual Nominees Limited" or "Australian Executive Trustees".

These initial substantial holder notices dated 9/02/2018 are interesting though:

https://www.asx.com.au/asxpdf/20160209/pdf/434y26z4zznhwb.pdf

https://www.asx.com.au/asxpdf/20160209/pdf/434y1xmkj3c19g.pdf

Why would parties with less than a 1% holding need to lodge an initial substantial holder notice with ASIC?  Are they just really bad a math?  Or did they purchase a LOT more shares?

Note that Jarrad Stuart acquired 3,000,000 shares on 18 January 2016.

Note that Elders FMC acquired 2,800,000 shares on 18 January 2016.

Note that these two figures add up to 5,800,000 exactly. Also note the date the shares were acquired.

Could these be the professional and sophisticated investors referred to in the JBL annual report?  Or did the investors referred to in the JBL annual report get cold feet and sell out?  Or are these just more coincidences?

On to dot #3 ...