There’s More Than One Form of Active Portfolio Management 50 to 60 Positions! Why?

Maintaining Strict Diversification Rules

We have fairly strict diversification rules so that we don’t get overexposed to any one sector or industry. We state those limits in absolute terms, not relative to a benchmark. Being slightly underweight financials when financials had grown to such a large portion of the market a year ago wouldn’t have served you very well.