Mackenzie Financial's Investment Triggers Turnaround for Nikko Cordial

| About: Nikko Cordial (NIKOY)

I said a few days ago that I was holding steady on my investment in Nikko Cordial (OTC:NIKOY). And that my advice to anyone buying when I did back in 2005 should do the same. My primary reason was because Nikko remains a nice portfolio gainer since being purchased, even with its recent sell off. And also because I've never believed it would be delisted from the Tokyo Stock Exchange.

But Mackenzie Financial in Canada -- which includes the Cundill family of funds in that country -- has been buying Nikko Cordial and now ranks as the company's largest shareholder:

"The Canadian investment has triggered a turnaround for Nikko shares,'' said Fumiyuki Nakanishi, a Tokyo-based equity strategist at the brokerage arm of Sumitomo Mitsui Financial Group Inc. "Most investors believe Nikko isn't going to be delisted and the government has encouraged Japanese investors to take up more securities products.'"

On a side note, the end of the linked Bloomberg report says:

Canadian financier Peter Cundill raised his holdings in Takefuji to 8.53 percent last year, making him the largest single shareholder in the lender, before subsequently scaling the investment back.

That's the first I've heard of Cundill selling any of his Takefuji position. For now, I'm maintaining my entire stake.