While being very well capitalised ($5bn surplus capital above regulatory requirements) Macquarie Group Limited (MQG) recently announced an opportunistic capital raise (raising $1bn from institutional clients @ $120 per share) a skinny 2% discount to market prices at the time and the reasons for the extra capital was to provide the flexibility to invest in new opportunities while maintaining an appropriate level of capital given ongoing regulatory change. Given our confidence in this niche global asset manager to recycle and grow assets under management and the strong post-market response to the raise we elected to subscribe for additional shares via the Retail Share Purchase Plan offer at $120 per share. Having today received the new shares and with markets trading around their best levels in months we happily lock in this 9.5% stag profit on this tranche of shares. We continue to hold a core holding as current conditions such as rising global share markets are likely to prove supportive to the company’s trading activities while lower global interest rates should help improve earnings for their large suite of global infrastructure assets