Bet your shorts, page-483

Plus as it was a high conviction stock for them, they probably had a big original position in BET within in the fund before the large rise in price.

Most fund mangers have restrictions on the max % weight within the fund that a single stock can represent, and as BET had a big run from $1 in April up to approx $1.60 in May. With the 60% increase in the price of BET, this could have resulted in BET reaching the upper limits of the max % allowed. This could be the same case for the other funds managers that bought earlier.