I have done a little exercise. This is not 100% accurate but...

I have done a little exercise. This is not 100% accurate but does give an indication as to what is happening.

Here are the net movements in the Top 20 from 2012 to 2013, all data is sourced from the annual reviews. Please note that I have put a holder at ZERO if they do not appear, of course they could be just one share less than the 20th holding.

Few things:

- Mark Freeman sold his shares to Charles Morgan
- Macquarie has exited as everyone is aware
- James Trimble (ex Director) is the one to notice, assuming he has sold all the way down, thats 3%.

Overall a very steady top 20 with minimal surprises. New entrants for the year:

Alba is Craig Burton he brought most of them from Macquarie and went on a buying spree at the start of this year.

I think this shows a solid base, top 20 has had a net increased of 4% for the year to nearly 55% of the total holding, with Charles Morgan and Craig Burton holding roughly 38% between them.