5) You may already be too late.
When you decide to piggyback on a fund manager's portfolio, you have no idea as to the price he paid for a particular stock. He might have entered the stock when it was at a huge discount to its fair value and by holding on he is repeating the benefits. You may be buying it at a time when it is at a huge premium to its fair value. Not wise at all.
The fact that you are mimicking a fund manager's portfolio goes to indicate that you are convinced these are well researched stocks. A better option would be to pay the 2-3% expense fee and avoid all the stress of constant monitoring and rapid churning, as well as the additional expenses with regards to brokerage and capital gains.
If you invest in a couple of funds with different investment mandates from various asset management companies, you would have a well diversified portfolio of your own.