What Is It / Concept Explanation

A mutual fund's holdings are like a recipe's ingredient list—we use holding weight to measure the proportion of each stock or bond in the fund's total assets. The higher the top 10 holdings concentration (the percentage of the fund's net assets represented by its top 10 holdings), the more the fund relies on a few individual stocks, and the greater the volatility risk. This tool organizes publicly available quarterly fund report data into a structured list and automatically calculates a simplified version of the Herfindahl-Hirschman Index (HHI)—the top 10 holdings percentage—helping you quickly determine whether a fund is "diversified" or "making concentrated bets".

Principles & Formulas / Algorithm

Top 10 Holdings Percentage = Σ (Weight of the i-th holding as a percentage of net assets), where i = 1 to 10.
Where the weight of each holding = (Market value of the holding ÷ Fund's net assets) × 100%.

The closer this metric is to 100%, the more the fund concentrates almost all its assets in the top 10 stocks, indicating highly concentrated risk; a value below 40% is generally considered sufficiently diversified. Why is this reasonable? Because a fund's volatility is primarily driven by its top holdings, and concentration directly reflects "how many baskets your eggs are in".

How to Use This Tool

Enter the 6-digit ticker symbol (e.g., 110011) into the Fund Ticker input box;
Click the "Check Holdings" button;
Wait 1-2 seconds, and the table below will display the fund's latest Top 10 Holdings List, including stock names, holding percentages, and sectors;
The "Concentration Analysis" card on the right will directly show the total percentage of the top 10 holdings and a pie chart of the sector allocation;
You can also click the "View History" link on the right side of each row to compare holding changes over the past 4 quarters.

Complete Example / Practical Steps

Let's take a growth fund as an example. Open the Mutual Fund Holdings Lookup calculator above:

Enter 000696 in the Fund Ticker input box;
Click "Check Holdings";
The results table will display the top 10 holdings, for example: Kweichow Moutai 8.2%, CATL 7.1%, Tencent Holdings 6.5%...;
At this point, the "Concentration Analysis" card on the right shows the top 10 holdings total 52.6%, and the sector allocation shows "Consumer" at 23% and "Technology" at 18%;
Interpretation: A concentration of 52.6% is above average. The fund relies heavily on its top holdings and is suitable for investors who can tolerate higher volatility.

More Examples / Multi-Scenario Comparison

Comparison Example 1: Enter an index fund ticker 110020. The top 10 holdings total is usually only 25%-35% (because index funds have many constituent stocks). The concentration card will show "Diversified", which is suitable for conservative asset allocation.

Comparison Example 2: Enter a sector theme fund 001532. The top 10 holdings total might exceed 70%, and the sector allocation is almost entirely "Healthcare". Even if the holdings are spread across 10 stocks, a single sector implies systemic risk. When interpreting the results, you need to consider both "sector concentration" and "individual stock concentration".

Initial investment of 1 million, annual net cash inflow of 300,000, NPV under different discount rates and terms (Unit: 10,000):

Term	5% Discount Rate	8% Discount Rate	10% Discount Rate	12% Discount Rate
5 Years	29.88	19.78	13.72	8.14
7 Years	73.59	56.19	46.05	36.91
10 Years	131.65	101.30	84.34	69.51
15 Years	211.39	156.78	128.18	104.33

How to Interpret Results / Value Meanings

Top 10 Holdings Percentage	Meaning	Investment Advice
< 30%	Highly diversified, similar to a pure passive index fund	Suitable for long-term dollar-cost averaging, lower volatility
30% – 50%	Moderately concentrated, average active management	Can be allocated as a satellite position
50% – 70%	Relatively concentrated, fund manager prefers heavy positions	Need to monitor individual stock risks, suitable for higher risk tolerance
> 70%	Extremely concentrated, almost betting	Extremely high risk, must align with personal risk tolerance

Also, consider the sector allocation: If a single sector accounts for more than 50%, even if individual stocks are diversified, the sector's systemic risk remains concentrated.

Common Mistakes / Pitfalls to Avoid

Only looking at the top 10 and ignoring all holdings: The top 10 only represent a portion; the complete holdings require reading the full quarterly report. This tool only displays the top 10 and does not represent the fund's total assets.
Assuming quarterly data is real-time: Public fund holding data has a 1-2 month lag (quarterly report publication date) and cannot reflect real-time portfolio adjustments.
Confusing percentage of net assets with percentage of stock market value: The percentage displayed by this tool is the percentage of the fund's net assets, which includes bonds, cash, etc. If the fund's equity position is low (e.g., 80% stocks + 20% cash), the top 10 percentage might seem low, but the actual stock concentration could be higher.
Ignoring fees and scale changes: Holding percentages will dynamically adjust due to changes in fund subscription and redemption scales; quarterly data is only a point-in-time snapshot.

Frequently Asked Questions (FAQ)

What is a reasonable top 10 holdings percentage?
There is no absolute standard. Large-cap balanced funds are usually at 40-60%, while sector theme funds might be over 70%. The key is whether it matches your risk tolerance.
What is the data source for this tool?
Data comes from quarterly reports published by fund companies on designated information disclosure media (such as CNINFO or East Money). We automatically crawl and continuously update it daily.
Why can't I find certain funds?
It might be a newly established fund that hasn't published its first full quarterly report yet, or an ETF feeder fund that doesn't directly disclose holdings (you need to check the master fund). Please verify if the ticker is correct or wait for the quarterly report disclosure.
How are the sectors classified?
We use the Shenwan primary industry classification (28 sectors), which is consistent with mainstream brokerages. Each stock corresponds to a sector, and if a sector accounts for more than 30%, it will be highlighted separately.
Can I check historical holding changes?
This tool provides a comparison feature for the most recent 4 consecutive quarters (click "View History" on the right side of each row) so you can track the fund manager's portfolio adjustments.

Limitations & Boundaries / Important Notes

The results of this tool are for reference only and do not constitute investment advice. Fund holding data has a lag, and actual holdings may have changed.
It does not cover private equity funds, QDII funds (some overseas holding disclosures are delayed even longer), and money market funds (no stock holdings).
Sector classification is based on stock ticker mapping and may have errors due to company business changes; please refer to the fund's quarterly report.
The concentration metric is calculated based on the top 10 holdings and does not consider all holdings. It may differ from the statistical methods of "holding concentration" disclosed officially.
Disclaimer: This tool does not constitute any investment, financial, or legal advice. Before making investment decisions, please consult professional advice and official announcements.

Now you can enter any fund ticker in the calculator above to check its holding concentration and compare the style differences of various funds.

Calculation Basis / Methodology

"Administrative Measures for Information Disclosure of Publicly Offered Securities Investment Funds" — CSRC requirements for standardizing fund quarterly report holding disclosures
Shenwan Hongyuan Research Industry Classification Standard — The 28 primary sector standards used for sector classification in this tool
East Money - Fund Holdings Data — Example of public data source, non-exclusive partnership

Last updated June 3, 2026 · Maintained by Toolkk