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Suppose that \\(N\\) insurance businesses are exposed to \\(N\\) different independent risks \\(X_1,\\dots, X_N\\) where \\(X_i\\) has the distribution function \\(F_i\\). Let us consider three portfolios: A heterogeneous portfolio and two different homogeneous portfolios. The heterogeneous portfolio is formed when the business \\(j\\) insures risk \\(X_j\\), \\(HT=(X_1, \\dots , X_N)\\). Now, assume that each business \\(j\\) insures all the risks, so let \\(X(i,j)\\), \\(i,j =1, \\dots, N\\), be independent random variables such that \\(X(i,j)\\) has the distribution \\(F_i\\). Consider a heterogeneous portfolio formed by a mixture of the individual risks \\(X_1,\\dots, X_N\\) with probabilities \\((1/N, \\dots ,1/N )\\), that is, \\(HM1=(X(.,1), \\dots , X(.,N))\\) where \\(X(.,j)=X(i,j)\\) with probability \\(1/N\\). Finally, let a new heterogeneous portfolio be the average sum of all the risk, i.e., \\(HM2=(\\overline{X}_1, \\dots, \\overline{X}_N)\\) where \\(\\overline{X}_j=\\sum_{i=1}^NX(i,j)/N\\).  The author derives upper and lower bounds on the heterogeneous portfolio by the two types of homogeneous portfolios already described. Concretely,  \\[  E \\psi (HM2) \\leq E \\psi(HT) \\leq E \\psi (HM1).  \\]  The left inequality holds if \\(\\psi\\) is a symmetric supermodular function that is convex in each argument separately while the right one is valid if \\(\\psi\\) is a symmetric supermodular 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