PEXA Listing, page-161

Vanguards is an index fund, it got nothing to do with fundamental nor waiting for big pay day, they buy and sell purely based on stock weighting of the index and they need to shuffling thing around to keep track with index movement.
their job is tracked as close to the index as possible, no second guessing very simple just track the index

PPT well funds manager sell in and out all the time, most have the habit of buying high and selling low or if things don't do anything for a little while they get frustrated and sell out, that why 90% of fund manager cant beat the index.

look at the fundies who sold out greencross to private equity for $675 million a few years ago, yesterday the Private equity want to float back to the market for 4bn dollar after 2-3 years ownership, yes the big 4 B

TPG Capital mulls options for $4b Greencross, takes pitches (copyright link)

I was greencross shareholder made some money with take over but I didn't want to sell out but small investor got little saying in all this