How much hidden concentration do I have?
An allocation question asks how a portfolio is divided — by asset class, sector, region or currency. What counts is the weight of each slice against the total, and the look-through into funds: an ETF is not one holding but hundreds.
Worked through on a sample portfolio. The figures below are that portfolio’s, not yours.
Hidden concentration measures exposures to the same companies that sit behind multiple instruments. Here are the relevant figures from your portfolio.
| Measure | Value |
|---|---|
| Top company exposure (largest single company) | Apple Inc. — 18,41% |
| Top 5 companies (combined weight) | Top 5 weight — 65,64% |
| Look-through coverage | Coverage of look-through data (%) — 31,13 |
| Combined value held twice through overlapping ETFs (example pair) | iShares Core MSCI World UCITS ETF & Xtrackers MSCI USA UCITS ETF 1C — 6.104,49 € |
| Number of shared companies in that pair | Shared companies — 248 |
| US mega-cap tech exposure (look-through) | Value — 31.464,46 €; Allocation — 34,58% |
What this means: the look-through data covers only part of your portfolio (31,13%), so overlap figures come from that coverage. The largest single company exposure is Apple Inc. at 18,41% of the portfolio, and your top five companies combine to 65,64% of the portfolio. The largest ETF overlap shown is the two ETFs sharing 248 companies and a combined shared value of 6.104,49 €. The look-through also reports a US mega-cap technology exposure of 31.464,46 € (34,58% of your portfolio by that measure).
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