How to read a fund portfolio

Past returns don't repeat - how a fund is built tells you more. Look at:

• Number of holdings & top-10 weight - diversification vs concentration.
• Market-cap mix - large/mid/small split drives risk and return potential.
• Sector exposure - a heavy single-sector tilt raises sector-specific risk.
• Active share & expense ratio - are you getting genuine, cost-effective active management?