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Exposure and Concentration
Look-through exposure across custodians, SMAs, and funds. Policy limits are the ones your firm set.
Includes:
Look-through views
The same issuer matched across SMAs, funds, and the private book
Look-through across vehicles
Issuer concentration against the household limit you wrote.
Issuer concentration
A household sheet that names the SMA and the fund behind each line
Household limits
A written rule that unresolved names stay flagged instead of being guessed.
Stonebook · ExposureAs of 31 Aug 2026Look-through vs firm limit
Northbrook Advisers · Core, SMA, and private book combined
US Treasuries18.0% of 25% limit
Northbrook Advisers Core + SMA
Microsoft Corp6.2% of 10% limit
SMA look-through
Harbour Mill LLC2.0% of 10% limit
Private book · mark dated 31 Mar 2025
Limits are the ones your firm set. Stonebook reports against them and grades nothing.
Typical onboarding
- About 12 weeks to the first quarterly pack
- Annual firm license, unlimited seats
- Named onboarding contact
- Weekly file load status
- Read-only access throughout
Covers
- Look-through
- Firm limits
- SMAs, funds, and lots
- Household limits
- Missing look-through flags
Per-household pricing often costs more than the reporting itself. A firm license with unlimited seats means the whole ops team can log in without a seat argument. Exposure is the same idea. One book. The limits you already wrote down.
What the book shows
What the exposure view shows:
- Issuer look-through across Schwab SMAs, Fidelity funds, Pershing accounts, and the private book.
- Flags against the policy limits your firm set. We do not invent a limit and we do not call a flag advice.
- Name rule - unresolved names stay flagged instead of being guessed
- Look-through plan - a household sheet that names the SMA and the fund behind each line
- Look-through across SMAs, funds, and separately held lots on one household line
- Issuer concentration against the household limit you wrote. No score. No recommendation.
How look-through is reported
Every household exposure view is built the same way:
- Weights come from you. If a fund look-through file is missing, the flag says missing. The view does not guess the rest of the book.
- Stack. The same issuer across SMAs and funds lands on one line. If a look-through file is missing, the flag says missing. The view does not guess the rest of the book.
- When look-through is on, your ops lead gets a household sheet that names the SMA and the fund behind each line. If a name does not resolve, the report flags it. You can take that sheet into a concentration conversation without rebuilding the look-through by hand.
Look-through puts the SMA and the fund on the same household line. If a name does not resolve, the report flags it. We do not fill the gap.
Who uses these views
Most firms that buy Exposure and Concentration already know a household sits in more than one SMA. They are not looking for a risk score. They need the look-through printed in the same book as the custodian lines.
It is built for:
- Ops teams that currently rebuild look-through in a spreadsheet before every quarterly meeting
- Advisers who cannot show a household the same name across Schwab, Fidelity, and a fund line
- CCOs who need to show which households sit over a firm limit, and since when
- Firms that need concentration printed without a rating or a recommendation attached
We work with your ops lead and CCO to load the limits your firm already uses. Stonebook measures against them. The decisions stay with your team.