"He's probably going to be the chief consolidator of European banking," said Cole Smead, CEO of Arizona-based Smead Capital Management, whose UniCredit holding accounts for more than 7% of its $105 million International Value Fund.

Massimo Baggiani of London-based Niche AM, which manages a value fund focused on electric mobility, said the deal comes at "complicated if not belligerent times" for relations between Europe and China.

Brian Frank, portfolio manager of the Frank Value fund, which has positions in Tyson Foods and Arcos Dorados, the largest McDonald's franchisee in the world, said he will look to build stakes in stocks that take a Wegovy-related hit.

Its U.S. dollar-denominated Dynamic Value Fund jumped 21% in November, 5% in December and a further 9% in the first two weeks of January.

Infinity Q liquidated its mutual funds after the SEC found that the firm's founder and former chief investment officer, James Velissaris, made potentially unreasonable adjustments to a pricing model used to value fund investments.