CDM's reported top 20 holdings last 3 years have been quite changeable. They had MQG as their top holding in 2015 (12.35%) and 2016 (13.33%). Holdings in ARQ have been increasing (2015 5.28%, 2016 8.03%, 2017 16.72%). A Report by Independent Research earlier this year sheds some light on CDM's holding in ARQ:
“Melbourne IT (ASX:MLB) remained the largest investment at 16.9% of the portfolio. We note that a maximum of 5% of the portfolio at cost can be invested in an individual stock and therefore a holding of greater than this can be attributed to growth in the stock value.”
