portfolio-auditlisted

# Portfolio Audit — Full Risk Review ## Goal A **fund-manager-level audit** of the user's entire book. Answer 6 questions definitively: 1. **Where is concentration risk?** (single-name + factor cluster) 2. **What blows up in -10% SPX day?** (correlation unwind paths) 3. **What's the true equity beta?** (incl. leverage ETFs and options delta) 4. **Where am I over-earning?** (positions that have run too far) 5. **What hedges should I add?** (gap protection) 6. **What trims should I execute today?** (with $ amounts + tax considerations) ## The 7-Step Workflow ### Step 1 — Inventory the book Get from user (or screenshot via `review-investment-screenshot`): **Stocks**: ticker, qty, avg cost, current price, market value **Options**: ticker, strike, expiry, qty, cost, market value **Cash + short-term**: $ amount Compute: - Total equity value - Cash % - Stock % - Options notional % - Total leveraged exposure ### Step 2 — Single-name concentration check For each position, compute % of portfolio: | % of book | Status | Action | |---|---|---| | < 3% | OK | None | | 3-7% | Watching | Review thesis | | 7-10% | Limit | Don't add | | 10-15% | High | Trim to ≤10% | | > 15% | EXTREME | Force trim to 10% (unless explicit conviction & long-term) | **Exception**: User-defined "core hold" with locked thesis (e.g., NOK 19% with 1Y target $20+) — note but don't force trim. ### Step 3 — Factor cluster analysis Group positions into factor clusters: **Standard clusters for 2026:** - **A