Ann: Ceasing to be a substantial holder, page-54

And people also need to remember that funds need to pay distributions to unit holders so they need to take profits at some point.
If you look at CHN Regal became a substantial holder at the end of September 2020 when the share price was about $2.70 but they had probably been accumulating well before then and ceased being a substantial holder around the end of November 2020 when the share price was about $3.70........what their position was above and below the 5% point there after is all in the announcements. The resource fund Franklin Templeton which owned over 10% of CHN also sold on the way up. Funds need to lock in profits like all entities including sole traders