Well spotted!
However, just to clarify: We are talking about a total of 3.5 million shares here, not about a total of 7 million shares, right?
Let me explain for those of you who are confused now - at least this is how I understand it: DUI Wertefinder is one of two mixed funds by asset management company FV Frankfurter Vermögen AG holding BRN shares. The other is called DigiTrends Aktienfonds, but that one doesn’t show up in the Top 20 mutual fund ownership table Humble Genius posted on Sunday, as its holding of BRN shares is not large enough.
For the DigiTrends Aktienfonds, the most up-to-date document I found on their website is almost a year old - on Nov 30, 2022 the fund held 1,500,000 BRN shares. According to Morningstar, it has since increased its amount of shares to a total of 1,875,000 shares. And DUI Wertefinder, as HG rightly noticed, increased its shares in BRN by 3.5 million since end of June and now holds a total of 17,700,000 shares. That’s why Frankfurter Vermögen is listed as an institutional holder of 19,575,000 shares (17,700,000 + 1,875,000), and of course that’s why they are also up by 3.5 million in the institutional ownership table. It is the exact same amount of 3.5 million shares that is reflected in both tables.
As far as I understand (sorry, I don’t have any background in finance and may not use the correct terms), those two funds have been launched by FV Frankfurter Vermögen AG via a fund services platform offered by Universal Investment GmbH. Frankfurter Vermögen is hence normally listed as the funds’ institutional owner; however, on Morningstar, for some reason Universal Investment is named instead. And strangely as owner of 17,700,000 shares only - did the DigiTrends Aktienfonds vanish into thin air? I can’t match their number of shares with any other institutional owner in the respective Top 20 (see below) where they’d belong, with more shares than Blackrock and Charles Schwab Investment Management.
Weird…
To make things even slightly more complicated: Since 2011, Frankfurter Vermögen has also been an investment adviser for a Spanish mutual fund called Renta 4 Wertefinder FI which unsurprisingly is invested in BRN as well. Listed as the fund’s institutional owner is Renta 4 Gestora, S.G.I.I.C., S.A., the investment management branch of Spanish bank Renta 4 Banco.
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So to sum it up - the following three underlined mutual funds have all been either launched by or are connected to Frankfurter Vermögen.
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View attachment 49009
Another interesting observation:
Provided the Morningstar figures for institutions that recently invested in BRN are correct, I noticed that the top three entities all happen to be connected to AMP (AMP Group, AMP Capital Investors Limited and IPAC Asset Management Limited) and together have bought just shy of 11.3 million BRN shares in recent weeks. Plus a couple of more AMP-related entities buying smaller amounts in the 100,000s and 10,000s.
But then of course this begs the question of why those AMP-related entities do not show up in your institutional ownership table,
@Humble Genius?
Curiouser and curiouser…
Do they possibly hide behind a nominee account? Perhaps behind JP Morgan in the BRN Top 20 shareholder list? When comparing the 2nd and 3rd quarter lists,
@GazDix noticed JP Morgan had been the “biggest accumulators on the dip”, buying “over 20 million shares the last two ‘terrible’ quarters.”
I reckon somebody connected to AMP must be really bullish about BRN…
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en.m.wikipedia.org
AMP is a financial services company in
Australia and
New Zealand providing
superannuation and
investment products, financial advice, and banking products (through
AMP Banking) including home loans and savings accounts. Its headquarters is in
Sydney, Australia.
AMP Limited
The
Australian Mutual Provident Society was formed in 1849 as a non-profit life insurance company and
mutual society. In 1998, it was
demutualised into an Australian
public company,
AMP Limited, and listed on the Australian and
New Zealand stock exchanges.
AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company.
(…)
The company provides
financial planning and advice,
banking,
life insurance,
managed funds,
superannuation,
property, listed assets and
infrastructure. It is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital, was the aligned wealth manager, with more than A$128 billion
[11] in
assets under management, making it one of the largest asset managers in the Asia Pacific (excluding Japan) region. AMP Capital has now been stripped out of the AMP Group, along with AMP Life and sold to Dexus and Resolution Capital respectively. AMP Wealth is now the appointed investment manager within the AMP Group.
AMP has four main business areas:
- Advice and banking provides financial planning and advice, superannuation services for businesses, and selected banking products. These products and services are primarily distributed through a network of self-employed financial planners. AMP has been granted a [MySuper] authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.
- Insurance and superannuation provides superannuation, personal risk insurance products and self-managed super fund administration, support and design. These products and services are primarily distributed through a network of self-employed financial planners
- Customer solutions
- AMP Capital is a global investment manager.
(…)
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to celebrate their massive profit taking after what they’d consider a precision landing and subsequent lift-off! 
️ 
