Which type of investor would be considered as holding inside information?

An officer of the company during significant corporate changes would be considered as holding inside information because they have access to material, non-public information that is not available to the general investing public. This could include details about upcoming mergers, financial performance, or strategic decisions that could significantly impact the company's stock price once disclosed. Such individuals are privy to critical insights that could influence their investment decisions or the decisions of others when that information becomes public.

The other choices reflect levels of awareness or experience in the market but do not involve access to non-public information. A retail investor aware of market trends is simply reacting to publicly available data. An individual with industry experience might have insights into general market conditions but lacks specific, non-public information about a particular company. A mutual fund manager with diversified holdings may have analysis and strategic insights, but unless they are also an insider with access to confidential company information, they do not hold inside information either.