How concentrated or diversified is each fund? The HHI (Herfindahl-Hirschman Index) measures position sizing — higher values mean bigger bets on fewer stocks.
Very High
HHI >= 2500
High
HHI 1500-2499
Moderate
HHI 1000-1499
Diversified
HHI < 1000
Concentrated funds (high HHI) make bigger bets on fewer ideas — when they're right, returns are amplified. Diversified funds (low HHI) spread risk across many positions. Neither is inherently better, but concentration tells you how much conviction a fund has in its top picks.
How to read: Sort by HHI to find the most concentrated funds. The Top 10% column shows what share of the portfolio is in just 10 positions. Compare Berkshire (very concentrated) to Renaissance Technologies (very diversified) for contrasting strategies.
Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer