1, because if the fund manager's position changes are announced in time, then retail investors can track the stocks bought by the fund manager to invest in stocks. Stocks fluctuate more than funds, so buying stocks can earn more, so funds won't make much sense. The reason why stocks are bought according to fund positions is because the stocks transferred by fund managers are bought after research by professional researchers, which basically belong to the stocks that can be profitable at present.

2. If fund positions are announced at any time, the pressure on fund companies will be even greater. Many institutions and funds have their own game competition. If an institution with a large amount of funds sells the shares held by the fund, it will lead to a decline in the net value of the fund, causing losses to investors and having a great impact on the fund.