See: WACC.
You're a portfolio manager of equities, i.e., you own shares in publicly traded companies in your mutual fund. Some are tiny microcap names worth today just $200 million or so; others are megaglop companies like Apple and Google and Amazon, worth hundreds of billions.
The size of the company often has a lot to do with how much risk is inherent in the company itself, and how fast it will grow. Smaller companies grow faster than larger ones. So your investors want to know your WAMC. If 10% of your portfolio is in megaglops worth an average of $500 billion, and 90% of your portfolio is in micro caps worth, on average, $500 million, then your weighted average will be something in the zone of under a billion in market cap, meaning that your portfolio is...spicy. Lots of small, risky companies that hopefully grow fast.
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