The Stack . Anatomy
Ninety two names. Same top ten. Sixty in the back of the factsheet.
Pulled the latest holdings on each of his seven funds. Counted unique tickers across the stack. Ran the concentration math. The picture underneath the headline number was different.
Names showing up in 5 of 7 funds
HDFCBANK
RELIANCE
ICICIBANK
INFY
LT
BHARTIARTL
TCS
Seven names. Seven funds. The same top of every factsheet. He was paying seven managers to all hold the same first chapter, then add a different long tail.
Aggregate weight stack . 92 unique names total
TOP 10 . 47 PCT
NEXT 82 NAMES . 53 PCT SPREAD THINLY
Top 10 names by aggregate weight carried 47 percent of his portfolio. The remaining 82 names averaged under 0.65 percent each. Sixty plus of them weighed less than half a percent. Too small to move the outcome. Too small to defend.
92
unique tickers across the 7-fund stack
47 pct
of money in the top 10 names alone
11K
in TER per year on a 7L corpus . 60 pct of that pays for the closet-index portion