He has been analyzing fund flow on asset classes (not individual MF/ETF) in previous articles. Trending Is discussed in details this month on specific funds. Fidelity has been discussing trends and rotation as early as September 2020.

Charles Bolin is contributor to the MFO monthly commentary since early 2020. You can go back every month to see his articles. Also he writes for Seeking Alpha. I have been following his writing/advice since I discovered his approach on risk management.

I held AKREX from 7/2016, eventually it was my number 1 holing. By early 2020, I detected weakness in this fund. Started selling in April 2020 and nothing left on 6/29/2020. I know Mr. Charles Akre since the time he managed a small cap fund specialize in Finance sector and was # 1 for many years. he sold it to other mutual fund. Made lots of money from that fund. Then AKREX was formed. In my post dated 7/27/2020, I suggested to dump this fund for several reasons....Now, Mr Akre has retired.

For our portfolio:
We slowly added more VWO and mathew asia past few days/week.
added GM & QQQ last wk
401k 80/20 still. [all aboard full streams ahead]
-------------------------------------------------
For Mama portfolio [retired] all new monies divs go to fidelity 2020 fund and BND FBND
In Texas ~ 25%s economy dependent on energy sectors. Maybe much more pains /sufferings ahead. we see at least 10% of shops small business/big business closing in our town near Austin. Hope we don't see more bankrupcies or see 1980s /2008s marketlike conditions [Main street issues overflow to Wall Streets]
Kind regards
JNN

https://www.sec.gov/Archives/edgar/data/915802/000139834421001942/fp0061786_497.htm
497 1 fp0061786_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
Grandeur Peak Global Contrarian Fund
Grandeur Peak Global Reach Fund
(the “Funds”)
SUPPLEMENT DATED FEBRUARY 1, 2021 TO THE SUMMARY PROSPECTUSES, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR THE FUNDS DATED AUGUST 31, 2020
Effective January 22, 2021, Keefer Babbitt is no longer serving as a co-portfolio manager of the Funds. Therefore, all references to Mr. Babbitt in the Summary Prospectus, Prospectus and Statement of Additional Information are hereby deleted as of that date.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

One can research ownership info on M*. Each company's page has an "Ownership" tab, e.g. https://www.morningstar.com/stocks/xnys/gme/ownership
In addition to showing individual funds and fund complexes/institutions holding the largest number of shares, one can find the funds with the highest concentration of shares.
Theoretically an institution with a large number of shares can move the stock price, but this assumes it has the flexibility to do so (i.e. the shares are not in index funds with stringent constraints). What matters to fund investors is the ownership concentration in funds they own.
For example, SPDR S&P Retail ETF XRT has 19.34% of its assets in GME (per M*). According to the fund's web page, as of January 29th, that was 19.47% of the fund.
What Schwab Fundamental Large Company ETF FNDX is doing with 2½% (per M*) of its portfolio in GameStop is beyond me. I guess one has to read index providers' definitions carefully. According to Schwab, as of Jan 28, the fund's 1½% allocation to GME was its 5th largest, nestled between JPMorgan Chase (JPM) and AT&T (T).
Reuters may have confused Lipper data regarding two different Fidelity funds that are clones of each other. Fidelity Series Intrinsic Opportunities FDMLX is a $13.7B fund, while Fidelity Flex Intrinsic Opportunities FFNPX is a tiny $36M fund.
https://www.reuters.com/article/us-retail-trading-funds-idUSKBN29X0LZ
As of their latest quarterly reports (posted Dec 29, 2020), the Flex fund did have 0.639% of its assets in GME, but in such a tiny fund that amounted to nothing ($161K). The larger Series fund held 44x as much stock, but that constituted 0.59% of the fund. Close, the funds are clones, but not the same.
The Fidelity Series funds are for use by other Fidelity funds. So even the small 0.59% ownership is further diluted by its inclusion in other funds.
The Intrinsic Opportunities funds (both of them) are managed by Tillinghast. FLPSX's position in GME amounts to just 0.09% of the fund, as of its latest quarterly report.

@Derf,
It appears that enough FPA shareholders approved the merger. Found this filing by Bragg Capital this morning:
https://www.sec.gov/Archives/edgar/data/1170611/000110465921009595/a21-4366_1497.htm
Here is footnote concerning the merger:
"... Includes compensation from the Funds, FPA Capital Fund, Inc., (reorganized into Queens Road Small Cap effective February 1, 2021)..."
Checked my FPA Capital account this morning...my shares were switched to FPA Queens Road Small Cap Instl. shares as of this morning; shares were adjusted for the lower NAV of the FPA Queens Road Small Cap Instl NAV price than the FPA Capital NAV.
Just found these news releases:
https://fpa.com/docs/default-source/FPA-News-Documents/fpa-qr-capital-merger-press-release-final.pdf?sfvrsn=2
https://finance.yahoo.com/news/fpa-announces-completion-fpa-capital-143000983.html

Reuters: The Fidelity Intrinsic Opportunities fund, for instance, owns 9.75% of GameStop’s outstanding shares, according to Lipper data. Yet that position accounts for just 0.64% of the fund’s assets. The fund is up 5.6% for the year-to-date, approximately 1.5 percentage points less than the benchmark Russell 2000 index.
The BlackRock Advantage Small Cap Core fund holds 0.03% of its assets in GameStop, according to Lipper.
Overall, BlackRock, the world’s largest asset manager, owned about 9.2 million shares in GameStop as of Dec. 31, 2020, spread over several funds. If BlackRock has not since sold any of those shares, its stake’s value is up $2.4 billion since the start of the year.

If you evaluate these funds through the full market in 2020, the list may get considerable smaller. FMI funds, for example, was 3 alarm funds last years as noted on this discussion board

Really crazy performance history of feast or famine. MSSMX has been the #1 ranked in its cat 3x including 2020 and this year, but in 2014-2016 threw up a string of 99-96-96.
On the shorts issue...keep in mind that MSSMX was UP 150% in 2020. The big squeeze problems seem to be a 2021 thing, with GME for example being a January spectacle. Also, it does not appear to use leverage, and if so, the big risk then would be downside protection when all heck breaks loose on any of the squeeze targets. If so, trusting MS to be all over that. Welcome further comments.
All that said, its closest domestic SCG peer (via Fido menu) is behind a whopping 20% YTD TR, UP a mere 13.5%.
There's something happening here
What it is ain't exactly clear
-Stills

MSSGX is a spectacular fund, I own it as a small part of my portfolio. But I continue trying to understand the source of its incredible outperformance. I was watching performance of the companies at its top five positions according to its latest report of 09/30/2020. Two of them, OSTK and SFIX, are up 60% during the last month. Then I decided to see whether the recent hero GameStop (GME) is also there, and I found it way down the list at only 0.92% of portfolio weight. It looks inconsequential. But this was 4 months ago. According to M*, during the last 4 months GME was up about 3000%. What was 0.92% 4 months ago could easily grow to become about 20% of the MSSGX portfolio. I doubt that the managers would allow a single stock to grow that much, but a potential impact of GME could explain some part of performance of MSSGX.

OK...MSSMX UP 150% in 2020. UP 30% YTD.
Read it again slowly and try to understand it.
On the short squeeze question, speaking generally to all readers/posters...
I would caution limiting one's concerns about this issue to just SCs and/or any specific fund, e.g., MSSMX. This is potentially a very large, diverse problem that could affect investors in many ways, yet TBD, and may be affecting some/sevral of your holdings unbeknownst to you right now. That said...
Most recent portfolio data, even on the MS site, is from 09/30/20. It does NOT appear any of the short squeeze companies*** are held by MSSMX, at least not in the top ~50%-60% of its holdings. Invite others to look for some as well - could have missed one.
***UPDATE: SFIX is on both the Fido holdings and Short Squeeze company lists below (as a 5.21% holding per Fido list) but not sure if it's a problem child short.
Also note:
(1) These are dated holdings lists and much could have changed in the 4th Qtr and/or Jan 2021. Unless there were significant changes, does NOT appear to be a problem. (If it is, it's currently a GOOD problem to have. Just sayin'.)
(2) Keep in mind this is Morgan Stanley we're talking about here. If anybody stands a chance of being on the right side of how these squeezes turn out, I like my chances teaming up with them.
(3) I am NOT recommending that any readers/posters BUY/HOLD this fund. If you are considering doing so, do so after your own DD and at your own risk/peril. Like all MFs, it does NOT come with a warning label and "Nobody rings a bell" when it's time to consider getting out. (Thanks Art Cashin!)
(4) If you do BUY it, note that Dramamine is not included with your purchase.
(5) Lastly, and FWIW, it is an (intended, at least) LT hold for me and like they say, I'm "Enjoy(ing) the ride!"
https://www.morganstanley.com/im/en-us/registered-investment-advisor/product-and-performance/mutual-funds/us-equity/inception-portfolio.shareClass.I.html
https://fundresearch.fidelity.com/mutual-funds/composition/61744J614?type=o-NavBar
https://www.marketwatch.com/story/here-are-the-biggest-short-squeezes-in-the-stock-market-including-gamestop-and-amc-11611842270
@Graust I recall you helping me several times over the years. Happy to have reciprocated at least in part. Be sure to Buckle Up on this one.

Grantham. Excellent reputation. But my own "cup of meat" is more along the lines of Barry Ritholtz and the ones connected to his firm. I know you cannot just OPINE your way into making things true, the way you want them to be. (Cue the QAnons in this slot, here.) But Ritholtz is refreshingly direct, savvy and with wisdom gained from a lot of experience:
• "And in the End . . . How does this spasm of speculation conclude? I have a high degree of confidence in my answer: The same way it always does.
There will be tears, massive losses by some and big gains by others. There will be lives ruined and lessons learned among the claims of a rigged market, insider trading, and fraud. Maybe even people go to jail (maybe not). As Wall Street runs red with proverbial blood, a few clever bastards will notice the “generational buying opportunity” — the fourth such rare entry point over the past 20 years."
https://ritholtz.com/

Stocks that are heavily shorted are most susceptible to Robinhood trading
ISTM the risk of a short squeeze (and manipulation thereof) increases rapidly as the magnitude of short positions increase. A stock that is shorted more than 100% (by one investor borrowing the stock to short, then another investor borrowing the same stock to short again) must almost surely experience a positive feedback loop if its price starts to rise significantly and investors attempt to buy "fictitious" shares to cover.
There's already Reg SHO in place to control shorting. Notably Rule 203 that requires short sellers to locate shares to short before shorting. It would not seem to be difficult to enhance this rule to require the location not only of shares to short, but shares of a company that has not been 100% shorted (or 50% shorted, or whatever threshold works).
https://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm
This wouldn't protect investors from getting squeezed, but it would seem to impede the feedback loop.
And how is RH trading different from free fast trading at ML or Fido ?
How is buying a lottery ticket different from investing in a stock? The recreation value of the former is greater while the expected return of the latter is greater. Robinhood as a platform offers more "fun".

They can browse the 100 most-held stocks among fellow users for inspiration. An entertainment ecosystem has risen up alongside Robinhood; TikTok videos under #robinhoodstocks have millions of views. In some ways, Robinhood reflects how Silicon Valley mastered the art of manufacturing behavioral loops, encouraging an app user to log back in one more time or spend one more minute engaged.

Same Bloomberg article, pick your source of choice:
https://www.bloomberg.com/news/articles/2020-12-19/robinhood-s-role-in-the-gamification-of-investing-quicktake
https://www.washingtonpost.com/business/robinhoods-role-in-the-gamification-of-investing/2020/12/19/83b310ca-41bf-11eb-b58b-1623f6267960_story.html

update:
https://www.sec.gov/Archives/edgar/data/915802/000139834421001868/fp0061770_497.htm
497 1 fp0061770_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated January 29, 2021
to the Fund’s
Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about February 12, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

A few links related to Reg SHO, Shorting, and naked shorting.
What Is Regulation SHO?

Regulation SHO is a set of rules from the Securities and Exchange Commission (SEC) implemented in 2005 that governs short sale practices. Regulation SHO established "locate" and "close-out" requirements aimed at curtailing naked short selling and other practices. Naked shorting takes place when investors sell short shares that they do not possess and have not confirmed their ability to possess

SEC Key Pints of Reg SHO:
https://sec.gov/investor/pubs/regsho.htm
Naked Short Selling:

“Naked” short selling is not necessarily a violation of the federal securities laws or the Commission’s rules. Indeed, in certain circumstances, “naked” short selling contributes to market liquidity. For example, broker-dealers that make a market in a security[4] generally stand ready to buy and sell the security on a regular and continuous basis at a publicly quoted price, even when there are no other buyers or sellers. Thus, market makers must sell a security to a buyer even when there are temporary shortages of that security available in the market. This may occur, for example, if there is a sudden surge in buying interest in that security, or if few investors are selling the security at that time. Because it may take a market maker considerable time to purchase or arrange to borrow the security, a market maker engaged in bona fide market making, particularly in a fast-moving market, may need to sell the security short without having arranged to borrow shares. This is especially true for market makers in thinly traded, illiquid stocks as there may be few shares available to purchase or borrow at a given time.

Is SEC Effective in Regulating Naked Shorts?
part-6-illegal-naked-shorting-the-secs-regulation-sho-is-intended-to-prevent-illegal-naked-shorting-but-is-ineffective?
Patrick Bryne's Deep Capture Blog:

In 2005, Patrick began a vigorous campaign against corruption in our capital markets through securities manipulation. His stance quickly caught the attention of Wall Street analysts and reporters and remains a point of high controversy today. The Deep Capture website grew out of this campaign.

https://deepcapture.com/2019/11/the-sec-me-metoo-part-i/
Deep Capture Presentation:

Unlike Grantham, I feel hopeless at predicting where things will stand in a day, a week, or a quarter. But a little voice keeps reminding me that "buy low, sell high" is what I'm "supposed" to do, and when I look at the current value of my investments I definitely see "high" so I'm taking some of those gains. One thing he says is indisputably true: the higher the price one pays for an investment, the lower its future return.

Rambling interview and that's being charitable. He has been a debby downer on the market since 2019 and prior. . . perhaps preparing for his book release "waiting for the last dance"
Using his words ... "if the Fed continues to be favorable" and the U.S. comes out of the Covid and we're past vaccinations this summer. . . Do you really believe the US stock market is going to implode? With all of the pent up demand? Travel, consumer discretionary / spending?
Appreciate the share of the interview. Interesting to see all sides. I'm just not buying the "impending" crash. I didn't buy it in April 2020 or on 1/27/21 and I'm not buying it today. But I don't have a magic 8 ball either.

This is not the first time Kiplinger has recommended DFDMX. DF Dent has some very good funds and its managers write some of the best reports available. For trivia fans, Brown Capital, Brown Advisory, Dent and TRP are all in Baltimore. If Legg Mason weren't there also, one could say pick any Baltimore asset manager and it would be a good choice.

https://www.sec.gov/Archives/edgar/data/891079/000119312521020228/d160564d497.htm
497 1 d160564d497.htm HIGHLAND FUNDS II
HIGHLAND FUNDS II
Highland Socially Responsible Equity Fund
Supplement dated January 31, 2021 to the Summary Prospectus, Prospectus and Statement
of Additional Information (“SAI”) each dated January 31, 2021, as supplemented from time to time
This Supplement provides new and additional information beyond that contained in the Summary Prospectuses, Prospectus and Statement of Additional Information and should be read in conjunction with the Summary Prospectuses, Prospectus and Statement of Additional Information.
IMPORTANT NOTICE
The following information supplements and supersedes any information to the contrary contained in the Summary Prospectus, Prospectus and/or Statement of Additional Information of Highland Socially Responsible Equity Fund, a series of Highland Funds II (the “Trust”), each dated and supplemented as noted above.
As previously disclosed, on October 28, 2020, the Board of Trustees (the “Board”) of Highland Funds I (the “HFI”) and Highland Funds II (the “HFII”) unanimously approved an Agreement and Plan of Reorganization (the “Plan”) for the reorganization of Highland Socially Responsible Fund (the “Acquired Fund”) into NexPoint Merger Arbitrage Fund (the “Acquiring Fund,” and together with the Acquired Fund, the “Funds”). Under the Plan, the Acquired Fund would be reorganized into the Acquiring Fund on or around February 26, 2021 (the “Closing Date”). Shareholders of record as of January 8, 2021, will be entitled to vote on the Plan.
At any time prior to the Reorganization, shareholders may redeem shares of the Acquired Fund. Such a redemption would likely result in the recognition of gain or loss by the shareholder for U.S. federal income tax purposes, which would be taxable to a shareholder that holds the shares in a taxable account. Additionally, Acquired Fund shareholders will not incur any sales load or similar transaction charges as part of the Reorganization. Please contact the Adviser at 1-877-665-1287 if you have questions about the Reorganization or your account.
A special meeting of shareholders during which shareholders of the Acquired Fund will be asked to consider and vote on the Plan has been scheduled to be held on February 26, 2021. If shareholders of the Acquired Fund approve the reorganization, the reorganization is expected to take effect on or about February 26, 2021.
Shareholders of record of the Acquired Fund will receive a prospectus/proxy statement that will include important information regarding the Reorganization. Those shareholders should read that prospectus/proxy statement carefully when it is available. The prospectus/proxy statement, and any other documents filed by the Funds with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or the Funds’ Web site at www.highlandfunds.com/literature or www.nexpointgroup.com/nexpoint-merger-arbitrage-fund/. For more information regarding the Acquired or Acquiring Fund please call 1-877-665-1287 or visit the Funds’ Web site listed above.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
HFII-HPE-SUPP-0121