But the fact they are now a SSH mean that the total buys is greater than the sells, no?
They are indeed clever dudes, and this SSH looks like their client base trasactions, meaning their clients are buying up, presumably on some advice from GS.
So we have Harbour Asset Management, Tribeca, Fisher Funds, and NAB all selling down. And we have GS buying.
It is the Fisher Funds selling down which concerns me. They are usually pretty good, and I have effectively bet against them by buying some shares.
The other Australian funds aren't such a bother as they will be in turmoil with their Australian portfolios at the moment and may be doing triage across the board.
The macro conditions for KMD aren't good because they have 2/3 store exposure to the Australian market. The stronger NZD forex is unfavourable for KMD, and Australia is heading into a consumer-wallet-tightening ramp down.
The micro conditions are probably better for KMD in that they can freeze their dividend, stop their expansion in Australia, and perhaps slice staff to control their cost base.
I think at the price it is a good buy, but let's hope Australians are still happy about spending this year. Maybe we should wish for a cold Australian winter?