It is clear from the FML trades over the last year that they...

It is clear from the FML trades over the last year that they rigidly maintain a fixed allocation of their portfolio to MML (ie value of shares plus cash).

Hence, they sell on market drops and buy on market rises, even though this may appear counter-intuitive!

I suspect that Van Eck run a similar book on MML as they also maintain a fixed allocation of their fund in the stock.

It would appear (to me) that the only way these funds can be so precise with their allocation is that they must run a daily algorithm which controls their trades.

So not surprising that these funds are reporting reductions in holdings given the dramatic fall in the share price. I rather expect (from the evidence) that we will also see increases in their holdings being reported as the MML price moves back up.
CPDLC