The DMBA and the Church's Enzyme Peak

Spencer: There's a really odd pattern that emerges when you look at what DMBA did when it eventually did report its 13F filing. Initially it reported only 13F holdings as though it didn't hold any direct, it didn't directly hold any US stocks. But then suddenly six quarters later it reported this purchase of about 200 million worth of directly held stocks. So in my mind, there is one of two things going on with this. Either DMBA never held any US stocks directly and it was outsourcing everything until suddenly this one quarter it decided to jump into active investment in US stocks. Or there were stocks in the past that they were directly held and subject to 13F filing