"We trust that you will avoid using harsh language and will refrain from making unsubstantiated allegations against individuals and firms. Your constructive feedback and opinions are very valuable to all of us in the industry. "
Respected Sir (Arka Advisory), We have checked our hypothesis with data. It is available with us and I will share the same for the top funds as highlighted by you in your comment. It pretty much falls in line with our hypothesis.
"If you de-duplicate for common holdings, one would still end up owning in excess of 200 stocks. If you buy the market you cannot beat the market". Whether a portfolio of 200 stocks beats the market or not depends on the weighting of performing stocks in the portfolio. I have seen portfolios of 10 MFs put together beat broad indices comfortably. So, we do need to pay attention to stock weights. Ashish, I would urge you to actually do a portfolio combination exercise, see how a portfolio of 10 large funds (in terms of AUM) perform against comparable benchmarks, before drawing definitive conclusions.