I think MF, due to their size, have a limitation on which companies they can invest without getting into liquidity issues. Sorry to barge-in, I too will look fwd for @visuarchie sir’s opinion on your question.

Details from Quant Momentum Fund page:
2. Screening Process: To identify promising stocks within our investment universe, we employ a screening process based on our VLRT framework’s scoring methodology. Each stock is selected by the statistical significance of the risk exposure and the conditional expected return based on generalized t-statistics. Our risk mitigating investment framework VLRT combines Valuation Analytics, Liquidity Analytics, Risk Appetite Analytics and other risk factors derived from financial statements and macro-economic data. Stocks are evaluated based on these complex scoring criteria in a dynamic environment to determine their suitability to generate superior risk-adjusted returns.

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I would take liberty to answer this.
You have rightly said that Momentum mutual funds would be better option from the point of view of costs and capital gain taxes. But one very important criteria in momemtum portfolio is momentum itself. And most momentum mutual funds have quarterly or half-yearly re-balancing frequency. This may hamper the returns as they would be late at the table, by that time dinner would be over.

I went through your video recording, I remember you mentioning that when you have excess free cash you invest on the ones which have low weightage, there by making them equal weightage again.

Thanks for the link.

We start at equi weighted, but over a period of time we allow the winners to ride (don’t adjust weightage). As a result, there have been multiple occasions when certain stocks have become high weightage.