Concentration
Where exposure clusters, and where policy is exceededTechnology sector concentration reached 18.7%, a twelve-month high and 1.7pp beyond the policy limit.
The long-duration growth correlation cluster now dominates portfolio risk despite diversified headline weights.
Sector concentration is in soft breach; issuer and account concentration remain within policy.
Technology concentration
Concentration Heatmap
Risk analytics
Correlation heatmap
Simulated model analyticsPairwise 6-month correlation between the main exposures.
| US Eq | Intl Eq | Tech | Credit | Govt | Digital | |
|---|---|---|---|---|---|---|
| US Eq | 1.00 | 0.82 | 0.91 | 0.48 | -0.22 | 0.46 |
| Intl Eq | 0.82 | 1.00 | 0.74 | 0.44 | -0.18 | 0.39 |
| Tech | 0.91 | 0.74 | 1.00 | 0.41 | -0.26 | 0.52 |
| Credit | 0.48 | 0.44 | 0.41 | 1.00 | 0.18 | 0.21 |
| Govt | -0.22 | -0.18 | -0.26 | 0.18 | 1.00 | -0.08 |
| Digital | 0.46 | 0.39 | 0.52 | 0.21 | -0.08 | 1.00 |
ReadingTechnology ↔ US equity 0.91; technology ↔ digital 0.52. High equity–technology–digital correlation means the breaches are one risk, not three.
Marginal contribution to risk
Canonical demo dataRisk share per unit of weight for the ten largest positions (1.0× = proportional).
ReadingHigh-beta technology and digital positions sit well above proportional. Positions above 1.0× add risk faster than capital — the first candidates when reducing risk.