STUFF26 Nov 2025 15:37
For anyone still panicking about Peel Hunt “aggressively selling”, the TR-1s make the picture clear.
Peel Hunt were never dumping an investment position. They’re the market maker. They briefly held up to 18.4 percent because they were providing liquidity, then unwound it over a few days as normal MM inventory. They’ve now crossed below 10 percent, so that whole overhang is done.
The real seller was Res Privata / Lenhold, who went from 13.58 percent to below 3 percent. That was the genuine block seller the market was absorbing. They’re now out of the way too.
So in the space of a week, WCAP has cleared:
• a full MM inventory unwind
• a 13.58 percent fund seller
Both are now gone.
Supply has collapsed.
With no structural sellers left, a clean book, and the WSHP NAV in the background, the setup from here is completely different to last week.