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Using unique micro data on U.S. institutional investor portfolios, this paper studies how capital, meant to be invested globally, is actually diversified internationally. We show that although the mutual fund industry has moved toward funds that have more flexibility to invest across countries and regions (global funds), mutual funds invest in a finite, rather small number of firms, almost independently of the set of available instruments. The number of mutual fund holdings in stocks anddoi:10.2139/ssrn.1363885 fatcat:itxuupbxkbhefj7vio2a4pejbq