Herd Instinct

Why do the portfolios of contra funds look exactly like large-cap diversified equity funds? Debashis Basu provides the answer

When you think of a contra fund, what would usually come to your mind? Funds that stay away from what the rest of the crowd herds into? Funds that would tend to rely less on stocks like Reliance Industries and Infosys? Or those that avoid chasing hot mid-cap stocks...

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