Top20 - to further expand upon @Bear77's explanation of those Direct invest Options under the banner of Australian Super (and others) for example
Absolutely those are valid point made by @Bear77 the main point I took away from them was that not all that appears as "Smart Money" flows are initiated by professional Institutional Investors, and yes that is the case for these Direct invest offerrings
I would say though, that these are still money flows into the stocks (or out of as appears to be the case with JIN) that eventuate into the overall holdings as reported.
And couldn't agree more, that the second level assessment of Top 20 is also to take a look into the "Skin in Game" level of management and board memmbers as Insiders.
But in the interest of explaining these Direct Invest options that exist in large super funds like Australian Super and QSuper which is experience, is that this platform is one offered by UBS and is simply "Branded" by those super funds.
Refer to below screen grab, being QSuper and specifically for Origin too. If you have this feature enabled for Australian Super you will see exactly the same look and feel trading platform, and you will also see EXACTLY the same UBS recommendations for stocks with BUY / SELL / HOLD and price targets where relevant.
The platforms also enfocre (much like StrawMan paper trading) that only maximum %s of your portfolio can be allocated into a single stock and yes that may be only an ASX200 participant too.
So my slant on it is, yes maybe retail investors may be taking positions larger than and or holding them longer than a nimble Institutional Investor may themselves be, but I'd like to give credit to those people retail people making their decisions that they are still doing so under the broad recommendations that exist throughout the platform and are published by UBS.
So maybe best to think of those money flows as "smart influenced money" rather than "smart money" specifically as such.
But some fantastic points raised by @Bear77 and hopefully some further insight into those Direct Platforms and what they really are in terms of a turn key offerring for these large Super Funds.
Currenlty the attachment below of the platform is showing both Aus Super and QSuper (and whoever else Super that has signed up to it) that ORG is a BUY for Price Target of $5.75