Why would you invest in a mutual fund instead of investing in its top holdings (see details)?

Update: Assuming the following: - the top 10 holdings are at least 50% of the total holdings - several of the top 10 holdings are ~10% or more of the total holdings - a relatively low turnover rate (e.g. 40%) - the fund has a successful historical track-record and a long-time fund manager Why not just follow the top... show more Assuming the following:

- the top 10 holdings are at least 50% of the total holdings
- several of the top 10 holdings are ~10% or more of the total holdings
- a relatively low turnover rate (e.g. 40%)
- the fund has a successful historical track-record and a long-time fund manager

Why not just follow the top holdings of historically successful mutual funds?
Update 2: Complete investing newb so go easy on me...but it seems like a "free" way to diversify your portfolio with stocks that have already been analyzed by a financial analyst with a track record for success.
7 answers 7