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Figure 15: How diversified are these funds?

Does that look non-correlated to you? Or does that look like a
bunch of funds with different names carrying the same
attributes? Could you see yourself holding those funds based
on their names?
Most investors trust their advisors to pick the right mix of
different asset classes and types to keep them safe in the
market. What you may not know is many “advisors” trust their
broker/dealers to guide them on which funds to sell various
client types. Further, when we run tests, we often find people
who think they are widely diversified are not. In many cases
they will hold the same securities across several funds that
seem completely different.
For example, here is an analysis I ran for a client holding over
100 funds.

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