From The Australian:
Fund’s manager Perpetual has taken advantage of a price slump in the recently listed real estate agency, McGrath Group, to expand its exposure to the stock.
A filing to the stock exchange shows Perpetual now holds 9 per cent of McGrath, which fell heavily in the wake of its debut this week.
…It is understood Perpetual’s move was motivated primarily by its confidence in McGrath’s management and business strategy rather than an expectation of a sustained boom in the housing market.
McGrath fell to a low of $1.72 on Tuesday but closed yesterday at $1.87.
Note to self. Sell Perpetual.
