Multi Manger Pod Portfolio Structure

Hi All - basic question here - work on the SM side now.  Obviously, there is significant variance on SM side on how portfolios are structured - no. positions, sizing, exposures, etc.  Curious within the confines of a typical MM Pod in market/factor neutral exposure level.  Is portfolio structure number of positions in portfolio vs total allowable universe of names relatively consistent in terms of number names, sizing of average, max, min position size? Does it depend or PM strategy/process or is that more dictated by the funds factor constraints?  Of course, this is excluding quant driven strategies.  On the fundamental side, anecdotally, I have heard some very different answers of pods running relatively small concentrated book with bigger avg sizes (25-40 names, 4-8%, which seems hard with vol limits to be this big in any one name) vs other books with larger number of names on each side (30+ each side, 60-80 total) and smaller position size of 2-4% capital.  What has been your experience.  Thanks for thoughts.

 

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