[financetechbro]

Perhaps. But HF capital is usually locked down for a few years. So there is some friction to switching

[ptero]

True, but I believe (although last explored this question a long time ago) that the majority of the capital is not locked.

[financetechbro]

Quick search shows current lock ups range from 6mo to 2yr. There are also some funds that have withdraw limits and short windows for doing so (I.e. once a quarter perhaps), but of course these tighter restrictions are only relevant for the funds that have the clout to implement them