The prospectus did not provide evidence that any individual research is done. Stock statistics are kept in a database. They very well could have certain criteria for price earnings ratio, revenue amount, market cap etc. that alone is all that is required to create a subset of the fund from which to choose.
Again, there is no reason to believe that any individual decision making is required from what ive seen.
If I have some time I will look into a possible reason why those two funds increased the holdings in the second quarter
Market Data 
Markets 
AI
