Have you ever heard of the term, 'follow the smart money'?
It means tracking and imitating the investment moves of people thought to have superior market insight or information.
This might include institutional investors like pension funds, professional traders, company insiders, and investment managers.
They also include high-net-worth individuals (HNWIs), generally defined as having investable assets worth US$1 million or more.
Experienced and skilled investors, HNWIs can afford professional advice and often have access to better research on ASX shares.
So, it can be interesting to see what HNWIs are investing in, as it may provide clues to good opportunities in the market.
Here, we look at the 10 most bought ASX shares in July by HNWI investors with self-managed superannuation funds (SMSFs) above $3 million.
The data, provided by leading wholesale trading platform provider AUSIEX, is split into retail and advised SMSF investors.
This provides further insight into how professional investment advice has influenced HNWIs' decisions on which ASX shares to buy.
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Top 10 ASX shares bought in July
Retail HNWI SMSF accounts above $3M
| Rank | ASX share |
| 1 | Woodside Energy Group Ltd (ASX: WDS) |
| 2 | Nine Entertainment Co. Holdings Ltd (ASX: NEC) |
| 3 | BHP Group Ltd (ASX: BHP) |
| 4 | Many Peaks Minerals Ltd (ASX: MPK) |
| 5 | Pepper Money Ltd (ASX: PPM) |
| 6 | Macmillan Shakespeare Ltd (ASX: MMS) |
| 7 | Rio Tinto Ltd (ASX: RIO) |
| 8 | Commonwealth Bank of Australia (ASX: CBA) |
| 9 | CSL Ltd (ASX: CSL) |
| 10 | Pilbara Minerals Ltd (ASX: PLS) |
Source: AUSIEX
Advised HNWI SMSF accounts above $3M
| Rank | ASX share |
| 1 | CSL Ltd (ASX: CSL) |
| 2 | Golden Horse Minerals CDI (ASX: GHM) |
| 3 | VanEck S&P/ASX MidCap ETF (ASX: MVE) |
| 4 | Scentre Group (ASX: SCG) |
| 5 | Sigma Healthcare Ltd (ASX: SIG) |
| 6 | BHP Group Ltd (ASX: BHP) |
| 7 | National Australia Bank Ltd (ASX: NAB) |
| 8 | VanEck Global Defence ETF (ASX: DFND) |
| 9 | Treasury Wine Estates Ltd (ASX: TWE) |
| 10 | Woolworths Group Ltd (ASX: WOW) |
Source: AUSIEX
Which shares are HNWIs selling?
AUSIEX has also provided some examples of the most commonly sold ASX shares among HNWIs with SMSFs above $3 million.
In July, the ASX shares that retail HNWI SMSF investors sold most were Australia and New Zealand Banking Group Ltd (ASX: ANZ), Westpac Banking Corporation (ASX: WBC), Acorn Capital Investment Fund Ltd (ASX: ACQ), Unibail-Rodamco-Westfield CDI (ASX: URW), National Australia Bank Ltd (ASX: NAB), Wesfarmers Ltd (ASX: WES), Macquarie Group Ltd (ASX: MQG), Paladin Energy Ltd (ASX: PDN), and Telstra Group Ltd (ASX: TLS).
Advised SMSF investors sold Commonwealth Bank of Australia Ltd (ASX: CBA), ResMed Inc (ASX: RMD), Westpac Banking Corporation (ASX: WBC), Future Generation Australia Ltd (ASX: FGX), Telstra Group Ltd (ASX: TLS), Scentre Group (ASX: SCG), Wesfarmers Ltd (ASX: WES), and Australian Strategic Materials Ltd (ASX: ASM).
