The graphic pretty much sets out the trend line I see, here.
Capital World used to hold legacy Schering-Plough, as well, so it ended up with a temporary "double dip" holding -- in the year of the merger. It was obviously working that position, that year.
So, 2010 is an outlier in my opinion.
The 2011 and 1012 6.4 per cent holdings look to be the "new normal".
Again, as bad news hits New Merck, it is well to recall that these are some of the world's most sophisticated equity managers -- and they have about $8 billion invested in Merck, on any given morning. See this, filed with the SEC overnight.
Food for thought. [Of course, the SEC-filed Schedule 13G totals are reported as of year-end; and thus may have changed, subsequently. But I wouldn't bet on it, here.]
Thursday, February 14, 2013
Posted by condor at 1:15 PM