I think the main problem is/was that earlier this year just 3...

I think the main problem is/was that earlier this year just 3 fund manager's held something over 26% of MRL.

Once they start to sell, for whatever reason, the pressure on the price would be too great. After all any attempt to offload 60mio shares in a stock that has an average turnover of 12-14mio is going to have a detrimental effect on the price.

As we all know, once a fund decides to sell, then they generally have only one object in mind - SELL, at just about any price.

I still reckon MRL is worth holding/buying, BUT timing is critical. Try and pick when the funds have finished selling (by wtahcing for changes in substantial holdings, or closely watching the offered side of the market) and then start to accumulate.

As an aside, ING offloaded over 8mio shares between the end of June and mid September. CBA went from 26 mio at the start of April to under the "substantial holder" level at the end of August.

good punting