@Froggy181 it is the very "reading of the tea leaves" such as...

@Froggy181 it is the very "reading of the tea leaves" such as you're doing here that might make a fund manager reluctant to cross the 5% threshold and force themselves to require the flagging to market participants. For example, should some cash need to be freed up next week (or month, or year) and the same fund manager sells back down to below 5%, what would you make of that?

Part of the reason many fund managers are reluctant to breach the 5% threshold is that when the eventually return to below 5%, there is often an assumption that the rest of the stock is therefore for sale and can weigh on the share price of the company.

The best thing one can do as an investor is to understand the fundamentals of the business you own and independently make your own assessment of valuation because taking your valuation cues from the actions of other market participants will inevitably lead to heartache - Eternalgrowth