I worked on two different small (sub 10 people) investment teams with over $10Bn each under management while at BlackRock. 50% of my time was dedicated to comp

I worked on two different small (sub 10 people) investment teams with over $10Bn each under management while at BlackRock. 50% of my time was dedicated to competitive research on other actively managed funds. I'm confident that the vast majority of assets are with funds that are mandated to stay fully invested. Only the smallest rando institutional investors wanted to time the market. There is no research that says timing is a valid strategy (yet!)