Ask yourself why you believe there's a need to diversify into 30 plus stocks, rather than holding a smaller number like 5 to 10?

If you have $1 million and play the diversity game, are you seriously going to put $33,333 into 30 different stocks? What have you accomplish beyond spending more money than needed on trading commissions? If you are willing to put $33,333 into a stock why wouldn't you buy $100k of that same stock and reduce the number of stocks held?

Those with large pools of money hold dozens of stocks because of liquidity. If I had $100 million in just 10 stocks, how would I get out of that position in a hurry? Fund companies become subject to redemptions and need the ability to sell off stocks to cover redemptions in a hurry. What would happen if fund XYZ tried selling $10 million worth of BCE shares today and tomorrow to cover redemptions?