You have 12 holdings, but only one risk.
Many tickers do not mean real diversification. If the HHI is high, a few positions carry too much weight. It takes only a single shock to reveal the concentration.
You have 12 holdings, but only one risk. Real diversification does not depend on the number of tickers. If the HHI is high, the portfolio is concentrated in a few positions and more exposed to single-name shocks. In Norvus, Risk Overview makes concentration and risk overlap easy to read. How many positions do you hold today that look different but move with the same risk?
The issue is not how many holdings you have, but where the risk is concentrated.
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