Long only vs HF investment process

I work in sell-side and constantly hear HF is fast to react and long only is slower.

Can anyone elaborate on how investment process is like at a long only fund, for example FMR/Blackrock/Capital Group?

For example say a PM decided to invest in company A. What was done before this decision? How long was that process? How do LO funds prepare for earnings releases so they can react once numbers are out? How fast do they react to that?

In general, is LO funds slower to react than HF and why? Is this considered an intrinsic disadvantage of LO vs HF?

 
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