Concentration & estimated turnover

Top-N weights, HHI, effective holdings, and the turnover estimate on manager pages.

Top-1/5/10/20 weight — the percentage of a manager's reported common-equity value in its largest 1, 5, 10 and 20 positions.

HHI — the Herfindahl–Hirschman index: the sum of squared portfolio weights (weights as fractions of common-equity value). Ranges from near 0 (very broad) to 1 (single position).

Effective holdings — 1 ÷ HHI: the number of equal-weight positions that would produce the same concentration.

Estimated turnover — min(purchase value, sale value) ÷ average of the two quarters' reported total values, where purchases = the sum of positive position-value changes (including new positions) and sales = the sum of negative ones (including exits). It is labeled “estimated turnover — value-based, includes market-price drift; not actual trading volume” wherever it appears: because it is computed from reported values, market moves leak into it, and intra-quarter round trips are invisible.

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All figures describe the reported U.S. long book only. Turnover is an estimate by construction; treat small quarter-to-quarter differences as noise.