Swap and Hold
If the strategy manager anticipates a lot of one-sided price action for their pool assets, they can choose to hold the asset they expect to gain in value. This trades in fees accrued from the trading pool in lieu of growth in value because of price appreciation. The fund will not accept new assets if all the capital is held in one token.
When you decide to swap the funds to a single asset, you can choose to execute those orders using the corresponding UniswapV3 pool or the 1inch. 1inch optimizes over multiple UniswapV3 pools and DEXs to minimize slippage.