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[sharechat] WAM and the Fund Manager

From:	"Michael Phillips" <michael.p@paradise.net.nz>
Date:	Sun, 9 Dec 2001 09:03:31 +1300

No, even though the title suggests it, this is not going to come out on
the best sellers list for children in the next fifteen years.

I have been watching the appreciation in share price for WAM for the
past while.  Something that has caught my attention is the fact that in
recent times three fund managers have been reducing (as I read the SSH
notices) their exposure to WAM.

I believe that there was a fairly heavy concentration of WAM shares
under management, but I am curious to know why when the price is rising,
the fund managers chose this time to reduce their percentage holding.
If they were passively managed, then a re-weighting of the index may
have necessitated this move.  I don't think liquidity from the sell-down
will have increased sufficiently to spark the sudden interest by the
non-institutional investor.

Regards
Michael
===

disc: hold WAM


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