Back in November-2015, we had concluded that it does not make sense following mutual fund entries and exits from individual stocks. Using an expanded data set of 260 funds, we still reach the same conclusion. Median returns over 10, 20 and 50 days on additions were 0.49%, 1.81% and 4.88% whereas exits clocked -0.01%, 0.90% and 3.27%.
Direct equity investors would do well to ignore what fund managers a doing.
Code and results are on github.