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Trading and Investment Terminology

Median Market Cap

The average market value of a mutual fund's stocks.
The average market capitalization of stocks owned by a mutual fund.

The midpoint of the range of market caps of the stocks held by a fund. 
There are different ways of calculating the median market cap. 

With a simple median, half of the stocks in the fund's portfolio would be larger than the median, 

And half would be smaller. with a weighted median, half of the fund's assets are invested in stocks that are larger than the median market cap, and a half in smaller stocks.