Academy lesson

Concentration & active share

How focused and how different

Concentration is how much sits in the fund's largest positions - the top-10 weight. High concentration means stronger conviction but more single-stock risk.

Active share measures how different the portfolio is from its benchmark (0% = identical to the index, 100% = totally different). A low active share on an "active" fund charging high fees may signal closet indexing - you're paying active fees for near-index returns. Gajamudra surfaces both on every fund page.

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