I believe they claim to be "value investors" rather than speculators (given the size of their fund, they won't be able to speculate anyway). Which means holding STEEM should make no sense to them as it loses value over time. And powering up doesn't make sense from liquidity standpoint... interesting to see what they'll be doing.
RE: ICONOMI Cryptocurrency Index Fund currently has Steem as No3 CryptoCurrency Holding...