Look-through exposure across SMAs and funds

Same name, three files

A household can sit in a Schwab SMA, a Fidelity SMA, and a fund that holds the same issuer. If you print each file on its own page, concentration never shows up. Look-through is the print of those names on one household sheet.

We have watched ops rebuild that sheet in Excel the night before a quarterly meeting. The names never quite match. Command Stone prints the look-through in the book. It does not tell you to sell.

What look-through is not

It is not a risk score. It is not a recommendation. It is a name match across files you already have, with a flag when a name does not resolve.

For this piece, a usable look-through means the household sheet names the SMA and the fund behind each line, and unresolved names stay unresolved instead of being guessed.

The gap is not a model. The gap is three custodian files that never sit on the same page.

Five places look-through breaks

Five patterns account for most of the sheets we reprint. None of them need a new analytics stack.

1. Separate SMA pages. The household never sees the same issuer twice because each SMA is a different PDF.
2. Fund look-through skipped. The fund line stays a ticker. The names inside never print.
3. Name mismatch. Schwab spells it one way, Fidelity another. The sheet should flag that, not force a merge.
4. Private marks left out. A co-invest in the same issuer never hits the concentration page.
5. One person owns the spreadsheet. When they are out, look-through does not happen.

What firms that print it do

They keep look-through in the book, not in a side file. They leave unresolved names flagged. They include the private line. They print it every quarter. And they do not attach a rating.