Institutional investors are beginning to realize they may have been a little to hasty in agreeing to takeover bids that undervalued companies, and now are backing fund managers’ decisions to reject offers. The Telegraph reports that investors now understand that there are gains to be had by holding on longer. “The market has become much more short-term in the past few years,” Richard Buxton of Schroders said in a Telegraph interview. “It’s a shame that some companies may have been sold for a short-term boost to portfolios, at a value that didn’t necessarily take full account of the longer-term value that was there.”

The ones that stand to lose most from the new investor attitude are private equity funds and hedge funds, which were most likely to pony up the cash to provide a quick portfolio gain for investors.