Macquarie substantial shareholder announcements

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Question asked 18/11/2023

Macquarie substantial shareholder announcements

Hi MM team, As part of my investment routine, every day I read the announcements from the companies I hold and those I am interested in. I find MQG's shareholder announcements somewhat confusing in that it is not clear to me if the share holdings are only representative of Macquarie's direct investments (or through their subsidiaries). Are clients' investments factored into the shareholding? If there was no "external" money factored in the holding reported, then are changes in substantial holdings indicative of their view on a business? For example they ceased to be a substantial shareholder in Lendlease Group in August this year (i.e. could that be read as a SELL Lendlease?) Appreciate the education. Many thanks, Angela PS:I know this email will reach you after cut off time, so I understand it may not be covered this weekend.

Answer

Hi Angela,

Sometimes these announcements will relate to Macquarie themselves, but will also relate to clients of Macquarie at times where investments are held on behalf of clients. It is problematic using change of substantial notices from investment banks, because it’s difficult to know what is going on under the surface. In most cases, we would not link a change in substantial via an investment bank as a reason to buy or sell a stock – we would place more credence on buying/selling by insiders, i.e. directors.

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Lendlease Corp Ltd (LLC)

LAST UPDATED 17/11/2023 15:24

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