A centered fund is a mutual fund that holds a relatively small number of stocks or bonds in some dimensions that are identical. Through default, in a limited number of sectors, a concentrated mutual fund focuses on a limited number of stocks, rather than holding a large or varied mix of positions. In comparison to many funds holding positions well over 100 companies, concentrated funds tend to hold positions in about 20-30 companies or less. Focused funds offer marked exposure to the market rather than a large portfolio of variety.