
The Public Equity Market 77
TABLE 4.13 Market Capitalization in the Size Deciles
Minimum Maximum Sum
Decile (Million USD) Percent to total
Small 0 1 156 0.02
2 1 2 332 0.04
3 2 3 575 0.07
4 3 5 993 0.12
5 5 9 1,787 0.22
6 9 19 3,511 0.42
7 19 39 7,393 0.89
8 39 102 16,970 2.05
9 103 353 55,462 6.70
Big 358 43,039 7,41,048 89.47
markets, fund managers are used to thinking that a 10-stock or 20-stock port-
folio exhausts opportunities for diversification. In the Indian case, there are
substantial gains to diversification even in going from 50 stocks (Nifty) to 100
stocks (CNX-100), as shown earlier.
In order to obtain further insights into the Cospi firms, Table