If the same asset is held in more than one account, looking at each account alone can understate its weight in the combined portfolio. Vivi’s concentration calculation aggregates holdings by asset symbol before ranking the largest positions.

A weight is a position’s positive priced value divided by the total positive priced holdings. The denominator matters: short positions and holdings without usable prices are excluded and reported separately, so these weights do not describe all wealth or every account you might own.

The largest-position and top-position weights show what dominates the available portfolio. The concentration index, HHI, sums squared percentage weights on a 0–10,000 scale. It describes how those weights are distributed; it does not measure every form of investment risk.

For illustrative weights of 50%, 30% and 20%, HHI is 50² + 30² + 20² = 3,800. Even equal position weights can share the same sector, currency or other risk. There is no universally correct position limit for every person.

Two ETFs with different symbols may hold some of the same companies. A direct stock position can also overlap with a company held inside a fund. Different labels are not proof of independent exposures.

To investigate, obtain each fund’s dated holdings from its issuer and compare the underlying companies and weights. A rough exposure estimate multiplies your portfolio’s weight in the fund by the company’s weight within that fund, then adds the direct position and other covered funds.

Vivi’s symbol-level aggregation does not automatically provide complete fund look-through. Fund disclosures have dates, can change and may omit some exposures. Ask what holdings data is available before trusting a combined estimate.

Try: “Combine the same assets across accounts, show the largest weights, and list unpriced positions. Which funds would need underlying holdings data before we could assess overlap?”

Use the answer as a research checklist. Concentration alone does not tell you what to buy or sell, and historical relationships can change.

• Which accounts and currencies are included?
• Which holdings lack usable prices?
• Are any fund exposures being estimated from dated or incomplete disclosures?
• What risks remain outside a symbol-based calculation?