RE:The Nuttal Effect
Nuttal said himself the reason he left GXE for OVV is for liquidity. With OVV trading at $72.04 at the moment Nuttal only has to buy 1 share of OVV instead of 46 shares of GXE.
At a 10% holding of GXE Nuttal all needed to trade 26 million shares making it a logisitical nightmare to more shares in or out without impacting the share price. To trade GXE shares he would have to do accummulation or divestiture over a long period of time. This is too much of a managment burden to look after in addition to all the other holdings in his fund.
For the same amount of money he only has to trade 565 thousand shares of OVV.
The size of his fun forces him to have to trade in larger caps. That is why he sold Cardinal also.