UBS as the broker for various managed funds has become a substantial shareholder in PBH from 15/2/2021.  First purchases occurred on 16/10/2020.  There were some quite significant purchases on 15/2/2021.

Fund managers involved:

• Bennelong Long Short Equity Fund
• Ironbark Karara Market Neutral Fund
• Regal Australian Long Short Equity Fund (+ Geared version)
• Tasman Market Neutral Fund

The funds that together caused a substantial holdings are mostly long-short or absolute return / market neutral funds.

This notice contains approx 5.8m net shares that have been borrowed (shorted), mostly in Australia.

It's an interesting mix of information as I would have to assume some fund managers think the price is going to go down, through their net shorting 5.8m shares (4.9M borrowed in single transaction on 9/2/21), whilst others must be predicting a price rise through (a gut feel of the total) +1M share purchase on 15/2/2021.

I'm hoping it's all short-term noise.