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The Large-Cap Portfolio, + Web site: Value Investing and the Hidden Opportunity in Big Company Stocks by Thomas Villalta

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CHAPTER 11

The Challenges of Managing Large-Cap Common Stock Portfolios

Just as there are a number of challenges in managing small-capitalization stock portfolios, there are a number of challenges in managing large-capitalization stock portfolios. In general, some of the more mechanical issues that small-capitalization stock portfolios face are irrelevant in the case of large-cap portfolios. Liquidity is generally less of an issue when it comes to purchases and sales. In addition, one generally is not faced with the agency issues that accompany control positions in public companies. When a portfolio manager charged with managing a very large small-capitalization stock portfolio is purchasing outstanding shares of a company, a position size that ...

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